Visa to release mobile money transfer app

Visa is planning to release an app for Google’s Android operating system that allows users to transfer money via their mobile device to another Visa card holder. The service allows a user to send money using an address book contact, a mobile phone number of the recipient’s Visa card number. While the recipient does not have to register the card to be able to receive money, the send does need to register, and will have to have a card issued by a bank that supports the service. The app is set to become available next months, once banks begin supporting the feature, with payments offered the same anti-fraud protection as other Visa transfers.  

Visa says the app is the first in a series of new products as it moves to gain a foothold in the rapidly expanding mobile payments market. The service was developed using technology acquired in its purchase of Monitise earlier this year. Visa plans to bring out apps for other operating systems, as well as outside Europe, in the coming months.

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