The credit card giant has broadened its offerings in Europe with two new features.
Visa Europe has just announced that it is adding two new features to its mobile payments offerings, with the addition of Immediate Payments and Multi Currency.
These two new features are meant to make the service more convenient and appealing to users.
These services will make it possible for the mobile payments program from Visa to let users make transactions instantly from their smartphones to any other Visa cardholder on the European continent. That will provide a number of benefits, says Visa, to both the sender and the recipient of the funds.
Visa has stated that these two new mobile payments features will become available before the end of 2013.
The purpose of the Multi Currency mobile payments features, explained Visa, was to make it possible to simplify a process that they called expensive and complex, when it comes to being able to send and receive money over the borders of the various countries throughout Europe.
At the same time, the Immediate Payments feature has already become available within the United Kingdom. This mobile payments option will expand throughout other European markets as the year progresses. It is meant to give consumers the chance to be able to receive funds that are sent through Visa Personal Payments within a span of minutes, instead of having to wait for a much longer and drawn out transaction process.
To be able to take advantage of this mobile payments service, consumers will need register and will need to know both the mobile number and the Visa credit card number of the funds recipient.
According to Sandra Alzetta, the senior vice president of Visa Europe, when discussing the industry and these new additions, “Mobile payments have the potential to fundamentally change the way that people pay and are paid. The new Multi Currency and Immediate Payments features combine the convenience of mobile device use with the ability to send money to 460 million Visa cardholders across Europe, solving a problem that millions of consumers face every day – giving money to another individual easily and securely.”
Visa and Monitise extend mobile payments partnership
Visa has announced that it is expanding its partnership with Monitise, a mobile payments company. The two companies have been working to expand the reach of mobile commerce throughout Europe and have been met with promising success thus far. Visa now aims to extend its partnership with Monitise through a new three-year commercial agreement. Per the agreement, the two companies will continue expanding into the European mobile commerce market, developing new mobile payments solutions that are designed with financial institutions in mind.
Mobile commerce is growing more popular among financial groups due to consumer demand
Mobile payments have been a relatively easy sell to consumers. Many people have shown their willingness to use their smartphones and tablets to purchase goods and services. The concept has been more difficult to sell to financial institutions, which are more concerned with the risks associated with mobile commerce rather than its convenience. Despite these concerns and a reluctance to support mobile commerce, many European financial institutions are seeing rising demand from customers concerning mobile payments. Thus, these organizations are beginning to take steps to accommodate the wants of their customers.
New solutions to be introduced to European market
Through the agreements, Visa will be able to make use of mobile technology developed by Monitise. This technology will be put to use in the development of new mobile payments solutions. As these solutions take form, Visa will help promote them to European markets as well as help ensure that these solutions are secure against the threats that exist in the mobile world. Visa and Monitise have already deployed mobile payments services to more than 3,000 banks and financial institutions in Europe and the two companies are expected to look to take advantage of this momentum.
Visa and Monitise seek to dominate Europe with mobile payments
Visa notes that the way people pay for goods and services is changing. More people have access to smartphones and tablets than ever before and these consumers are finding that mobile commerce offers them a convenient and safe way to make purchases. Visa and Monitise will work to continue establishing their commanding presence in the European market, hoping to fortify themselves against competing parties that are looking to do the same.
