OREANDA-NEWS. December 08, 2009. Visa international payment system and PrivatBank, one of the biggest Ukrainian banks and a leader on the payment card market in Eastern Europe, announced the launch of the joint marketing campaign and strategic partnership for the LiqPay on-line payments project. The LiqPay service is based on Visa Money Transfer technology (money transfer from a Visa card to a Visa card 24/7) and offers cardholders a faster and safer way to transfer money — with the help of a payment card, a mobile phone and Internet. 

LiqPay is a unique on-line payment service developed by PrivatBank. It combines the Visa Money Transfer service and the advantages of the Internet and mobile channels. The service allows cardholders to complete on-line payments and money transfers with the help of a payment card, mobile phone and the Internet. The service is available for the subscribers of all mobile operators and all Visa cardholders in Ukraine.

The service was launched to help cardholders complete payments and money transfers in Ukraine and abroad, from one card account to another, from client to client. PrivatBank is the developer and processing center of LiqPay.

 “Liqpay offers the highest security level. Every transaction requires dynamic passcode received as SMS on mobile phone” says Alexander Dubilet, chairman of the PrivatBank management board. “Clients’ convenience is our priority. Whatever currency you have – US dollar, euro, or hryvna – money transfer is completed instantly and at minimum fee.  We are sure that our partnership with Visa for this payment service will help us to offer our clients a new level of banking servicing”

LiqPay was launched in 2008. It is easy to use: to activate the service a client needs a payment card, mobile phone number and the Internet. The security of payments and money transfers is guaranteed by the usage of dynamic passcodes instead of card numbers. Money transfers can be sent to Visa cardholders as well as merchants.

 “Visa leads by innovation and supports new and advanced technologies promoted by partner banks” says Jean-Marc Tonti, Visa’s general manager for South East Europe and CIS. “We consider LiqPay not as a competing service, but as a strategic extension of Visa’s Money Transfer service, which makes it even easier to use. This service offers clients an easy way to manage personal finances and complete payments and money transfers in a convenient and secure way. We hope that a new joint marketing initiative will help clients to see the benefits of the new service”.

The Visa and PrivatBank joint team will run several marketing initiatives to support the LiqPaу service and promote innovative banking services. The main channel employed to promote the new service is cooperation with popular social networks. The activities include communication through bloggosphere, participation in the Internet auctions, joint projects with internet stores and attracting smaller Internet merchants to the program. The aim of joint promotional campaigns is to draw cardholders’ attention to the new service, make them aware of its benefits and help cardholders complete money transfer in Ukraine, Russia and some other CIS countries more easily and faster.

In 2000 PrivatBank was the first to launch dynamic passcodes for clients’ identification and transaction security. In 2001 Visa and PrivatBank launched “Person-to-Person” (P2P) money transfers on Visa cards.