Rakuten Viber users will soon be able to send money to each other via a new, Hungarian-developed service called Moneytou, powered by Mastercard, which had its world premiere in Budapest, the companies told the Budapest Business Journal.
The system is set to be rolled out on other markets in the next few months.
The new service leverages Mastercard’s Send technology, a result of a cooperation of Rakuten Viber and Mastercard. It allows users to send and receive money immediately through the app in a secure, fast and easy way. Moneytou has been developed by NeoPay with the aim of making the service available to customers of most Hungarian banks from the very start.
“We’re happy to announce the upcoming launch of Moneytou, a strategic project launching in Hungary, which will offer a unique payment solution for all our users in the country," says Cristina Constandache, chief revenue office at Rakuten Viber.
"Partnering with Mastercard and NeoPay has enabled us to offer Hungarians the ability to easily send, receive and transfer money to friends and family with just a few taps. [...] We are excited and eager to roll out Moneytou in more countries by the end of the year.”
Funds could be transferred within a matter of minutes, regardless of the time of day or day of the week. The amount transferred will appear in the recipientʼs balance and is immediately available to spend by card or be withdrawn in cash. Consumers can register multiple cards (Mastercard or VISA) in the Rakuten Viber app and select the card to use for each transaction. For troubleshooting, the service also features an online chatbot.
“Leveraging Mastercard Send technology and NeoPay’s new service, Rakuten Viber’s customers will be able to benefit from near-instant money transfers, meeting the consumer demand for an always-on payments network," explains Gabriel Ghita, vice president, business development at Mastercard.
"Whether customers want to split a bill, pay back money to a friend or put their children’s pocket money directly onto their card, Moneytou can enable this instant transaction in an easy and secure way for all Viber users," Ghita adds.
Gergely Benda, NeoPay’s founder-executive says, “The good thing about Moneytou is that is works incredibly easily: users only need to register once, and from then on, money is ʼjust one of the many thingsʼ that they can share within Viber. The transaction takes place between the cards of two private parties, which means that Moneytou is not a ʼwalletʼ application, it does not have a balance; users do not need to deposit or withdraw money with or through the app. Our company’s goal in the first phase of expansion is to also appear in more than 25 million Rakuten Viber users’ apps in Ukraine, Romania, Serbia and Bulgaria."
Moneytou will enable users to send up to HUF 125,000 a month, and up to HUF 780,000 per year as regulated by EU’s directive on money laundering. Each issuer bank can also set additional limits. On Saturdays users can send money at discounted rates until the end of 2019. On these days transfer fee for amounts up to HUF 3,000 will be HUF 49 and for higher amounts it will be HUF 49 + 1.5% of the sum above HUF 3000. From Sundays to Fridays the transfer fee for amounts up to HUF 3,000 will be HUF 79; while for higher amounts it will be HUF 79 + 1.5% of the sum above HUF 3,000.
The service’s financial and technological background is provided by Libra Internet Bank and Wirecard with the use of Mastercard and VISA instant payment systems.
“It’s really exciting to be part of this project and to contribute with our banking technology to a unique payment solution that has the potential to be a winner in the entire region,” said Emil Bituleanu, CEO Libra Internet Bank.
Endre Eölyüs, Country Manager of Hungary and Slovenia at Mastercard comments, “Mastercard is already top of mind for consumers for purchasing both in the physical and online environment. However, Mastercard together with its partners, offers other innovative payment methods e.g. Apple Pay, various mobile wallets, Mastercard Instalment as well as supporting Open Banking solutions. Rakuten Viber’s groundbreaking money transfer feature is now available for consumers, adding another really important application of payments to our innovative range: peer-to-peer transfers."