DBS and Visa have announced the launch of Visa Personal Payments (VPP), a solution to improve security and ease of transfers from any Visa cardholder. The new service will be accessible by all DBS/POSB customers in Singapore and is available through the bank’s iBanking and mBanking channels. DBS/POSB customers will be able to send money to over 1 billion eligible Visa cards globally, including funds transfers in in minutes to over 200 million Visa Debit, Visa Credit and Visa Prepaid cards, all by knowing the cardholders name and 16-digit card number.
“As part of our efforts in placing our customers at the heart of the banking experience, we continuously innovate to better serve them. With this service, we are offering customers a simple, affordable and convenient solution to cater to their cross-border funds transfer needs. We will continue to focus on delivering greater value and introduce user-friendly services that are relevant to our customers’ lifestyle preferences,” stated Anthony Seow, Head of Cards and Unsecured Loans at DBS Bank, Singapore.
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“From paying a friend back for a concert ticket to sending spending money to a child studying overseas, person-to-person payments have grown considerably over the last few years,” Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei, added. “With DBS and the Visa Personal Payments platform we have made this essential service affordable, safer and considerably more convenient for the thousands of people who need to send money to their loved ones on a regular basis.”
P2P payments to developing nations have been projected to surge by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach US$534 billion in 2015. This growth is likely to be led by markets like India and China, which recorded recipient figures of US$70 billion and US$66 billion respectively in 2012.