Central Banking

Cash transfers to be possible by Visa card

UK - European consumers will be able to transfer money directly between each other's Visa credit and debit cards by the autumn under plans by the card-processing network.

Visa International - owned by its member banks - hopes the creation of person-to-person payments will assuage the concerns of the European Commission about the high costs of transferring money across borders. The Commission will shortly order banks to equalise the costs of domestic and international money transfers.

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