Mastercard launched a service for transferring money between cards by phone number

Mastercard has launched a service in Russia that allows you to transfer money between cards of different banks using a phone number or email address, according to a press release from the payment system received by The Bell. Until now, such operations could only be performed between cards of the same bank.

Details

• You can transfer money from Mastercard cards not only to Russian cards of the same payment system, but also to Visa cards.
• To use the service, just enter your card number, the recipient’s phone number and the transfer amount on the bank’s website, and you can add a text message. The recipient will be sent an SMS with a link to the portal of the Mastercard payment system, where he needs to indicate the code sent in the SMS, enter his card number and accept the transfer.
• The recipient of the transfer can set up automatic crediting of transfers by phone number on the Mastercard portal.
• Raiffeisenbank was the first to join the new platform, which Mastercard developed together with Mail.Ru Group.
• Transferring funds from Raiffeisenbank cards to cards of other banks may take from one to three business days. If the recipient does not accept the transfer within five calendar days, the funds will be returned to the sender’s card.
• Tariffs : for transfers to cards of other banks , Raiffeisenbank charges a commission of 1.5% of the amount, but a minimum of 50 rubles. Tariff for credit cards – 3% of the transfer amount plus 300 rubles. For the recipient of the transfer, the service is free, they do not pay any commissions, Vedomosti writes .

Test Drive

• Vedomosti tested the new service. A newspaper correspondent tried to transfer 250 rubles from her Raiffeisenbank card to a state bank card. The owner of the second card quickly received an SMS notifying him of the money transfer, but was unable to accept the transfer: the money never reached his account.
• It was also not possible to transfer from a state bank card to a Raiffeisenbank card.
• Raiffeisenbank said that they had eliminated the problems observed during the launch.

Context

• Visa is also currently working on a similar service, several bankers told Vedomosti.
• Binbank, Tinkoff Bank, Russian Standard, and VTB are planning to connect to the Mastercard service in the near future.

The new service will make the life of Mastercard cardholders easier, but with a commission of 50 rubles per transaction it is hardly much.