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Visa and Mastercard will launch a money transfer service between banks by phone number

The international payment systems Visa and Mastercard were prepared to launch a transfer service from card to card between customers of different banks, for which only the recipient’s phone number is required, Vedomosti reported citing two bankers.

  • Visa and Mastercard will create their own services, but they will work similarly;
  • How it works: the issuing bank transfers the phone numbers and customer cards to a special store. The sender enters the recipient’s phone number when translating, and the system itself substitutes the card number;
  • Now such transfers are possible only between clients of one bank, while Visa and Mastercard services will allow transferring money to customers of all banks that connect to platforms;
  • “Vedomosti” interviewed several banks, among which they expressed their readiness to connect to the platform “Post Bank”, “Tinkoff Bank” and VTB.

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