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Visa Europe expands peer-to-peer payments capabilities with Singapore’s fastacash

Nurdianah Md Nur | March 2, 2015
The partnership allows Visa cardholders to transfer money securely via social networks.

Cardholders of Visa cards from Visa Europe Member banks can now quickly and securely send peer-to-peer payments via Facebook, Twitter, WhatsApp and LinkedIn.

Enabled through Visa Europe's partnership with Singapore-based fastacash, the service aims to enhance Visa Direct's peer-to-peer domestic and international money transfer service.

"Consumers are demanding payment services that integrate with their mobile lifestyle and their favourite social network," said Sue Onians, head of mobile money proposition at Visa Europe. "Visa Direct from Visa Europe enables this while our partnership with fastacash will make this even easier through social networks."

To send a payment via Visa Direct, consumers will need to enter the amount of money they wish to transfer and choose the channel to send it to -either to a mobile number or social channel -on the bank's mobile app or other interfaces. The recipient will then be notified of the payment.

Vince Tallent, chairman and CEO of fastacash, expects over 500 million people across Europe to benefit from the social money transfer service. "We see this partnership with Visa Europe as the next step in bringing banks and end users closer in the often complicated process of money transfers," he added.

Visa Direct
Formally known as Visa Personal Payment, Visa Direct enables Visa cardholders to transfer money using a mobile number of a Visa card number.

Since its launch in March 2013, more than 200,000 users have used the former Visa Personal Payment to transfer a total of US$48 million. Available this summer, the expanded Visa Direct will be available in 20 languages and support multiple currencies to make it faster and easier for consumers to send money to others.

To ease the integration of Visa Direct service into existing online and mobile apps, Visa Europe will make its API management platform available to member banks, said the company.

 

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