Wednesday 25 April 2018

3V signs Visa deal for Finland

John Mulligan

John Mulligan

Irish mobile payments firm 3V Transaction Services has signed an agreement to introduce a virtual Visa payment card service in Finland.

Launched in conjunction with Finland’s third–biggest mobile operator, DNA Mobile, the new service will enable its 3m subscribers to make mobile payments over their smartphones and the internet.

DNA’s vice president for consumer business, Pekka Vaisanen, said that the company believes there will be significant demand for the new service.

“We believe there will be demand for the new virtual Visa, since online buying, for example, is quite safe and easy to manage with it,” he said.

3V chief operating officer Seamus Minogue said that there’s “every possibility” that Finland could become a forerunner in mobile purchasing. The virtual Visa card will become available to DNA’s Finnish customers in the autumn.

In 2012, DNA recorded a turnover of €769m and an operating profit of €56m.

Visa said this week that 500,000 payments have been made in Ireland so far using its new contactless payment cards. Visa Europe expects that 2m contactless payments will have been made by the end of the year.

Anyone using such a card can pay for transactions totalling €15 or less by just touching the card to a payment terminal without having to enter a PIN number.

The European Union has been pushing for increasing use of debit and credit cards in an effort to reduce the level of cash transactions. Reduced use of cash can help eliminate tax evasion but also help to reduce business operating costs.

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