Visa Personal Payment via DBS mobile app allows customers to easily transfer money globally.
Transferring money from one account to another is now made easy with Visa Personal Payments (VPP), a product from the collaboration between DBS bank and VISA.
With VPP, all DBS/POSB customers in Singapore can now send money — of up to S$2,500 (US$1,966) per day — through the bank's iBanking and mBanking channels to over one billion eligible Visa cards globally. Over 200 million of these cardholders can receive the fund transfers within minutes.
All that is needed are the recipient's name and their 16 digit Visa card number.
"With VPP, we are offering customers a simple, affordable and convenient solution to cater to their cross-border funds transfer needs," said Anthony Seow, head of cards and unsecured loans at DBS Bank, Singapore.
Transfers to a Visa debit card will occur as a deposit to the underlying checking or savings account, while transfers to an eligible Visa prepaid card will occur as a top-up to the balance. As for transfers to a Visa credit card, it will be applied to the outstanding balance with any surplus funds held in credit.
For cross-border transfers, customers will be charged a low handling fee starting from S$2.50 (US$1.97) per transfer from now till the end of August this year. Thereafter, the handling fee will range from S$5 (US$3.93) to S$10 (US$7.86).
No handling charges will be imposed for local transfers.
Ooi Huey Tyng, Visa country manager for Singapore and Brunei, said that person-to-person (P2P) payments have grown considerably over the last few years. Following this trend, P2P payments to developing countries are expected to grow by 7.9 percent this year, according to a World Bank report in 20 November 2012.
There are currently over 80 send-side VPP programmes by financial institutions in over 20 countries including Australia, China, Taiwan, Hong Kong, Indonesia, Malaysia, Russia, Ukraine, United States, United Arab Emirates, and Kenya.
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