Visa Inc has jumped on the Personal Finance
Management (PFM) bandwagon as it looks to give its account holders
the ability to control spending and monitor budgets.
The service is powered by Visa’s global
processing network, VisaNet and provides debit, credit and prepaid
cardholders with a mobile SMS text, email and online spend
management tool, allowing them to set a ‘purchase threshold’ for
various accounts. The technology also claims to alert consumers
when their aggregate spending exceeds pre-set levels.
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“Consumers want to play an active part in
managing their financial accounts,” said Jim McCarthy, global head
of products at Visa Inc.
“This service builds on our 30-year investment
in VisaNet and existing real-time transaction alerts platform; it
empowers Visa account holders to customise the service, receive
account information in real time, and better manage their
spending.”
The US’ PNC Bank has been busy piloting Visa’s
PFM tools within its Virtual Wallet and earlier this month threw
open the doors to allow its retail customer base access to select
features of the Visa service.
“Customers are constantly looking for tools
that help them better manage their money, with mobile and text
applications high on their list of priorities,” said Thomas Kunz,
senior vice president and director of payments and e-business at
PNC.
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By GlobalData“The Visa service will provide our online
banking customers with additional flexibility and control over
their card spending.”
Visa claims the development of its PFM tool
was born out of research that showed cardholders are hungry for a
wide range of options when it comes to managing their spending.
