⚡️Visa optimizes bank transfers for recurring accounts!🏆

⚡️Visa optimizes bank transfers for recurring accounts!🏆

Starting in 2025, "smart transfers" in the A2A (account-to-account) format allows consumers to manage their finances with greater control and security.

▶️ Where? — In the United Kingdom🇬🇧.

▶️ For now, banks, and businesses will be able to offer Visa A2A for payments like utility bills, rent, and, for example, nanny fees. In the future, it is expected to extend to digital TV subscriptions, gym memberships, and grocery boxes.

▶️ Despite the rise of alternative payments in the country, bill, and subscription payments via bank transfers have remained mostly unchanged since the introduction of direct debit 60 years ago. Yet, the method still requires manual processes and offers limited, outdated consumer protections. Visa A2A is set to change that.

▶️ If necessary, refunds can easily be made with the new tool.

▶️ Includes enhanced security features, such as biometrics.

▶️ Note: Visa's main partner in the UK is Lloyds Banking Group, which has issued 30 million cards. Another 10 million cards from other networks will be switched to Visa by the end of 2026.

#news #Europe

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