FOSTER CITY, Calif.—Visa is holding talks with Russian banks over a cross-border service for money transfers between bank cards to mobile phone numbers, Banks.am reported.
“Visa launched an analogue service in Russia in late 2018. It includes four Russian banks, but within the country the service failed to compete with the Express Payment System, launched in early 2019. It is based on a similar technology but includes more banks, which is why Visa considers developing its service in the global market,” stated Banks.am.
The payment system will offer international c2c transfers, which will be processed in the same way as in the Russian analogue. Money can be transferred only between Visa cards issued by the bank that are included in the service.
Goal to Reach 50 Countries
The card holders will be able to make transfers to 17 countries. Later, Visa plans to take the number up to 50, Banks.am said.
“Experts believe that the service can be in demand because of the high number of cross-border transfers made in Russia. It will be available for labor migrants, foreign students and any Visa card holders that need a situational transfer, for instance, make a money gift, etc.,” Banks.am explained.