Announced this morning by Visa Europe Chief Executive Peter Ayliffe in his keynote speech at the EFMA conference in Paris, the new services give Visa Europe’s member banks the tools to respond to growing consumer demand for fast, secure, convenient and innovative ways to make and manage payments using their mobile phones.
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. Today’s announcement is the first in a series of new products and services that Visa Europe will be launching in the coming months to reflect the fundamental shift in consumer behaviour. 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.”
Visa Mobile Person-to-Person payments
Visa Mobile Person-to-Person payments allow registered users to transfer funds to any Visa cardholder in Europe from their mobile phone, backed by all the security and expertise of Visa Europe’s industry-leading processing systems. The app makes it easy to send money to an address book contact, to a mobile phone number, or to a specific Visa card number – whether or not the recipient is registered with the service.
Benefits of Visa Mobile Person-to-Person payments:Very easy and convenient mobile payments – whether it’s twenty Euros borrowed from a friend for a taxi ride, an easier way to split a group restaurant bill or sending some funding to a student at university; No need for a separate dedicated account; The same level of security that is the hallmark of all Visa transactions; Recipients don’t need to be registered with the service to receive a payment.
Visa Alerts notify registered Visa cardholders on a real-time basis whenever their card has been used to make a purchase or to withdraw cash through Visa Europe’s payment network.
Benefits of Visa Alerts:An easy and instant way to view transactions at home or abroad; A convenient way to record payments without needing to keep every paper receipt; A safeguard against fraud – consumers know at once if their card has been used without their permission.
The services are commercially available to Visa Europe’s member banks from October 2011.
Visa Mobile Person-to-Person Payments and Visa Alerts have been developed by Visa Europe in partnership with Monitise, the first of many services that will be made available through the partnership announced in early 2011.