View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 28, 2011updated 04 Apr 2017 1:06pm

Visa launches P2P service with Monitise

Visa Europe has announced the launch of its mobile person-to-person payment and alert services for its member banks, that will be activated October onwards. The services have been developed in association with UK-based mobile payments technology company Monitise.

By Meghna Mukerjee

Visa Europe has announced the launch of its mobile person-to-person payment and alert servicesfor its member banks, that will be activated October onwards. The services have been developed in association with UK-based mobile payments technology company Monitise.

Once operational, any Visa cardholder will be able to transfer funds to registered users in Europe from their mobile phone through the new P2P payments system.

At launch, Visa mobile P2P payments will be available through an android application and will support transfers in a single currency for Visa and V PAY cardholders within Europe. Support for other mobile operating systems, multiple currencies, and payments to and within non-European countries are being planned to be added over the following months.

The app will enable sending money to a mobile phone number, an address book contact, or a specific Visa card number – whether or not the recipient is registered with the new service.

The alerts are aimed at being an easy and instant way to view transactions at home or abroad, record payments without needing to keep every paper receipts, safeguard against fraud.

The alerts system is meant to notify registered cardholders on a real-time basis whenever their card has been used to make a purchase or withdraw cash through the new Visa Europe payment network.

CEO of Visa Europe, Peter Ayliffe, said, “The way we pay is changing, driven by the rapid uptake of new technologies and growing consumer demand for more flexible payments.

“We are already seeing early adoption of mobile payments, and in the coming months we will see the arrival of mainstream NFC technologies, advanced loyalty and e-commerce services, and ultimately, the launch of a new digital wallet.”

Monitise group chief executive Al Lukies said the launch is “a strong indication of where mobile money is headed”.

Visa Europe signed a deal with Monitise – in which Visa holds a minority stake – in February 2011 to develop a range of services for banks mobile P2P payments.

 

Related articles:

Visa strikes two deals with Monitise, Fundamo

Fiserv agrees P2P deal with Visa to Extend ZashPay Network

Visa, Yapi Kredi, Turkcell roll out mobile contactless payments for iPhone

 

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International