Visa Europe has announced that it will be adding two new features to its Personal Payments mobile service: Multi-Currency and Immediate Payments. The new features will allow customers to instantly transfer from their mobile phone to any Visa cardholder in Europe, in any European currency.
The Multi-Currency feature, which launch before the end of 2013, will allow transfers both to and from accounts no matter where in Europe. This will lower the complex and costly nature for sending money to another person across borders which is extremely common in the European market.
Immediate Payments, which will first launch soon in the UK with other countries launching later on in 2013 will make it possible to receive requested money from the Visa Personal Payments in about 30 minutes.
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Sandra Alzetta, Senior Vice President, Visa Europe, stated that the new features, “…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.”
To send money, you would just need to be a Visa cardholder, register with the site, and know the phone number or credit card of the other party. To collect money, consumers don’t need to be signed up for the service; they just need a Visa card, access to the internet and to submit a few basic details. This may however bring up issues of card security in light of data attacks on the rise.