Visa and Mastercard will launch a service of transfers to cards of different banks using a phone number

The largest payment systems will create a service for mobile transfers from card to card, Vedomosti reports , citing sources. They can be used by clients of different banks.

Details

• Money can be transferred using a phone number. Now many banks provide this service, but money can only be transferred to a client of the same bank. If the card is opened in another bank, you need its number.
• Pochta Bank, VTB and Tinkoff Bank are already planning to connect to the system.
• It is not yet known what the tariffs will be and it is unclear how the new system will operate if a person has several cards from different banks linked to one phone number - and this happens quite often.

Like now

• Transfers from card to card can be made in mobile banks or independent applications (for example, “Transfers from card to card” Mail.ru or “Yandex. Money transfers”).
• The commission is usually 0-2%. It consists of remuneration for four or five participants in the process: the issuing bank of the sender’s card, the payment system of this card, the acquirer (the bank that processes payments), the payment system of the recipient’s card, and, finally, the issuing bank of the second card.

What's in it for me?

Transferring money from card to card will become more convenient. In addition, there is a chance that with the emergence of a major player in the market, commissions will become lower.

Anastasia Stogney