Big step up from checking balances.
The new offering, along with a new Visa Alerts service, will be made available to Visa Europe’s member banks in order to give them competitive advantage in the market.
Visa has been at the forefront of mobile banking thanks to its ongoing partnership with Monitise. But previously the action has been limited to information-based services such as balance checking and so on.
The new person-to-person payments allow registered users to transfer funds to any Visa cardholder in Europe from their phone.
They can 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.
Recipients don’t need to be registered with the service to receive a payment.
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Meanwhile the Visa Alerts service can be set up to notify registered Visa cardholders in real-time whenever their card has been used to make a purchase or to withdraw cash through Visa Europe’s payment network.
The services are commercially available to Visa Europe’s member banks from October 2011.
Visa Europe's CEO Peter Ayliffe made the announcement at the EFMA conference in Paris. He said: “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.”
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