Visa Direct

2020: Visa obliged the Russian banks to be connected to Visa Direct

As it became known at the beginning of October, 2020, Visa sent to the Russian banks, the company connected to payment system, the memorandum with the mandatory requirement to provide money transfers between cards by the phone number.

Since September 30, 2021 this requirement will be obligatory, and till this time credit institutions can solve whether provide similar service to clients. Banks will be obliged to implement the Visa Direct technology allowing to transfer quickly funds between card accounts of Visa and initially it was expected the enterprises.

The Visa company regularly and timely informs the clients on all technical requirements necessary for implementation on the party of banks for the correct work of payment solutions within Visa payment system — said in the press service of Visa.

Visa obliged the Russian banks to transfer money between cards by the phone number using Visa Direct

According to Kommersant, turns out, till 2022 Visa should fight against the System of fast payments for transfers by the phone number over 100 thousand rubles a month. By the beginning of October, 2020 transfers up to 100 thousand within SBP are free, but after the 2022nd will become paid. Transfers over 100 thousand rubles according to cards of Visa go with the commission of 1%, at SBP — 0.5%, one of interlocutors noted in a conversation with the edition.

If Visa makes transfers by the phone number, it will be able to lower the commission for banks, and they are to lower for clients to 0.5%. SBP up to 100 thousand rubles since January 1, 2022 will have paid transfers, and here Visa will be able to fight from SBP on all fronts — the representative of large bank considers.

Interlocutors of the edition specified that Visa could make the worthy competition to a system of fast transfers (SPB) of the Central Bank already now if at once demanded it from participating banks without fail. However earlier the company did not insist on obligation of this option which was optional therefore "nobody especially began to implement it", noted sources.^[1]

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