By Mohammed Waseem
Allied Irish Bank has launched a mobile app called Me2U in association with visa, which lets their customers transfer money to a recipient’s euro personal visa card using the recipient’s mobile number. The app is available for download on Apple Store or Google Play Store. Me2U has been introduced as a part of AIB internet and phone banking service.
As mobile wallets are growing, banks are adopting the new technology to keep up with customer demands, keep up with the competition and go a step ahead.
For receiving money from a Me2U app, the recipient does not need to have an account with Allied Irish Bank, but must have a euro personal visa card. The sender, however, has to be an AIB customer. All the sender has to do is login to the Me2U app and select the recipient’s mobile number for his/her contact list, enter the amount and hit send They can also send money using the recipient’s visa card number. The money is then transferred from the sender’s AIB personal visa card to the recipient’s card. The maximum amount allowed daily is €300 and this money can be sent to up to 5 recipients per day per card.
Up to 3 cards can be registered on the Me2U app for money transfer. A user is also required to have a valid email address of a phone number for using the app.
Money transferred from Me2U app is delivered within 30 minutes. However, if the recipient’s card is issued by other than AIB, it may take up to 1 business day for the funds to be received by the institution. In this case, when the transfer is initiated, a text message is sent to the sender’s phone, which has a link to visa collection website. After entering the visa card number, a claim code is generated, which has to be shared with the recipient, who can collect the payment within 7 days, after which, they payment is cancelled. The sender’s account is not debited, until the recipient collects the money.
When sending and receiving money with an AID Debit card, the fee has been waived until 28th November 2014 as the introductory offer; standard charges will be applicable after this period. No fee is charged for AIB credit card Me2U transactions. When money is sent to recipients having cards from another financial institution, they are charged a fee based on the standards of their institution.
The service is new and needs further improvements. More banks will surely try this soon in order to keep up with the technology and for better convenience of their customers.