Users from emerging markets worldwide have increased their use of the personal payment platform of Visa mainly because of its near-instant funds transfer feature. It also helps that the platform is made available through common channels such as online and mobile, Visa said.
Visa said transactions for its Personal Payment Platform have increased 89 percent year-on-year for calendar year ending September. The increase was noted among users from the Asia Pacific, Middle East, Africa and Eastern Europe.
The platform, launched in February 2011, allows holders of Visa credit, debit or prepaid cards to receive funds from across the globe. More than 200 million consumers in 18 countries can use the platform through 74 partner-financial institutions worldwide.
Visa said its personal payments business is still a "nascent part of (its) core business" but it is showing some promise.
Online and mobile
"This new platform has proven to be ideally suited for delivering simple and fast payment services through online and mobile channels," said Niki Manby, head, Emerging Products, Asia Pacific, Central Europe, Middle East and Africa (APCEMEA), Visa Inc.
Visa said majority of transactions are conducted online or through self-service kiosks, while about 10 percent of transactions are done through mobile devices. Visa also noted that the average purchase transaction using the platform has increased to US$325 for international and US$200 for domestic transactions.
"In consumer research that we conducted in Singapore and Australia, speed and ease-of-use emerged as the top two drivers for any successful p2p solution," added Manby. "As hundreds of participating financial institutions and millions of repeat users demonstrate, Visa Personal Payments is able to deliver on both those aspects."
Aside from financial institutions, Visa partners in emerging markets include payment service providers. Some of these partners include financial institutions ICBC Bank in China; Standard Chartered Bank, Maybank and OCBC Bank in Singapore; Alfa Bank, QIWI and Russian Standard Bank in Russia; UAE Exchange in the Middle East, Taishin International Bank in Taiwan and ICICI Bank and, State Bank of India in India. Payment service providers include Southeast Asia's Enstage and Russia's Cyberplat.
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