Visa Europe is amplifying its Personal Payments mobile service, as they have announced two new additions: Multi-Currency and Immediate Payments across Europe. These new features will allow consumers to conduct transactions immediately from their mobile phones to any users in Europe with a Visa card account.
Visa will roll out its Multi-Currency function across the EU by the end of 2013. Registered users will be able to send money to any receiver holding a Visa card. They need only enter the Visa user’s mobile phone number through the bank application. Recipients are not required to be registered in order to collect the funds. During time of collection they will only be asked to provide minimal personal details, and must have access to the Internet. Payments can be transferred into customers’ Visa debit, credit or prepaid accounts. The Multi-Currency feature allows for limitless international transactions across Europe, as payments can be sent and received across borders.
The Immediate Payment function launched in the UK this week, and other European markets will follow by the end of 2013. Immediate Payment speeds up the transaction processes, and makes it possible for users to collect money only minutes after a transaction.
The Visa Personal Payments system is expanding throughout Europe, with 17 registered issuers across the continent and a system that’s already gone live in the UK. Institutions such as RBS and NatWest were the first to launch the services through their banking application. It was reported that 1.7 million UK customers downloaded the mobile app in the first two weeks of launch.
Sandra Alzetta, senior vice president at Visa Europe, stated, “Mobile payments have the potential to fundamentally change the way that people pay and are paid. The new Multi-Currency and Immediate payments features combine the convenience of mobile device use with the ability to send money to 460 million Visa cardholders across Europe, solving a problem that millions of consumers face every day-giving money to another individual easily and securely.”
Read the full story at Visa here or Finextra here.
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