The Hindu Business Line : HDFC Bank, Visa launch money transfer service

Mr Rahul Khosla (left), Senior Vice-President, General Manager Consumer Products of Visa Asia-Pacific, and Mr Santanu Mukherjee, Country Manager-South Asia, Visa International, at a press conference in Mumbai on Wednesday. - - Shashi Ashiwal

Mumbai , March 30

HDFC Bank and Visa International have launched a domestic money transfer service that will enable HDFC Bank account holders to transfer money from their accounts to a Visa debit or credit card, issued by any bank.

This is a safe and fast opportunity for retail investors to do instant transfer, said Mr Neeraj Swaroop, Country Head, Retail Banking, HDFC Bank.

This is a cheaper, faster and safer mode of transfer of money compared to others like telegraphic transfers, demand drafts, cheques and electronic funds transfer.

This service is particularly useful for person-to-person transfer, commercial payments, subscription payments and income tax refund, said Mr Santanu Mukherjee, Country manager, South Asia, Visa International. It is possible to transfer money to 150 locations and to around 30 million Visa cardholders in India, he added.

This service is available only through Internet, to begin with and customers will have to sign up with the HDFC Bank's Web site, said Mr Amresh Acharya, Vice-President and Head-Liabilities Product Management. Laterthis facility will also be available through ATM, bank branches and point-of sales later on, he added.

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HDFC Bank, Visa launch money transfer service