RBS and its subsidiary Natwest are following in the footsteps of its rival Barclays by announcing an agreement with Visa to launch a mobile payments service allowing customers to send money to anyone with a Visa card.
As a result the service will enable customers using RBS or Natwest mobile applications to carry out payments to anyone with a Visa card and a UK mobile phone number, without having to register them in advance. A text message redirects the recipient to a website where they enter their card number to complete collection.
The service will have GBP100 limit and will be available to RBS customer in Scotland and Natwest customer in England and Wales only. However, there is scope for a partnership with Visa Europe which would extend the service to cross-border payments in the future.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more