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Visa Rolls Out Mobile and E-mail Payment System

Visa has announced a new person-to-person payment system that will enable its customers to transfer money using e-mail, phone or visa account numbers.

Customers will have the option to select a Visa account as the destination for funds when making a personal payment and will be able to enter the recipient's 16-digit Visa account, e-mail address or mobile phone number to send funds directly from their bank account to a recipient's Visa account.

Visa has joined forces with CashEdge and Fiserv, which provide technology to banks. The service will first launch in the US during the second half of 2011, but is also likely to soon be available in the UK.

"Through our agreements with Fiserv and CashEdge, we can accelerate the delivery of new and innovative Visa payment services, and better enable financial institutions to extend these services to customers," said Jim McCarthy, global head of products at Visa.

The company recently revealed it will team up with Transport for London, along with Mastercard and American Express, to enable Oyster card readers to accept contactless debit and credit card payments on London buses.

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