Visa Money Transfer service gaining global adoption

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San Francisco, July 31: : than 60 SingPost automated machines, making it possible for customers to send money 24 hours a day, seven days a week. The SingPost service facilitates money transfer from customers in Singapore to Visa cardholders in nine countries around the world - Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the United Kingdom.

In India, the largest remittance recipient country in the world(2), Visa Money Transfer has gained critical mass since its introduction there in 2004. Fourteen banks offer domestic Visa Money Transfer programs to more than 60 million Visa cardholders across more than 150 cities and towns in India.

Visa Money Transfer Momentum

Since 2003, a total of 46 Visa Money Transfer programs have been rolled out in the following 13 countries - France, Georgia, Greece, India, Indonesia, Kazakhstan, Malaysia, Russia, Singapore, Sweden, Switzerland, Ukraine, the United Arab Emirates. While the Asia Pacific region is leading the deployment of new Visa Money Transfer programs, significant momentum has been gained in Central Europe and the Middle East.

Examples of other innovative Visa remittance programs include:

-- United Arab Emirates: Since 2006, Visa has worked with a National Bank of Abu Dhabi to fully manage a Web-based, domestic and cross-border Visa Money Transfer program, providing ease of deployment and faster time to market for the bank.

-- Russia: In 2008 alone, ten new Visa Money Transfer programs have launched in Russia. Beginning in 2006, banks in Russia offered the first Visa Money Transfer programs providing services at ATMs. Today 16 banks offer domestic money transfer and card account repayment services at over 5,000 ATMs, enabling consumers to send money to any of the Visa card accounts in Russia.

-- Ukraine: In 2003, Privatbank launched the first Visa Money Transfer service as a pilot program where the money transfer was offered at bank branches. They continue to be a pioneer by offering web-based, cross-border Visa Money Transfer service, using Verified by Visa to authenticate senders.

-- Kazakhstan: In April 2007, four banks launched the first 24/7 cross-border Visa Money Transfer service at ATMs with Halyk Bank leading the way. The transfer funds are sent to Visa cards all over the world with the most favorite destinations being Russia, China, United Kingdom, Israel, Germany and South Africa. Halyk's service is now being extended to a mobile channel where senders can initiate transfers from their mobile phone via text message.

Global Expansion of Visa Money Transfer