Instant Money Transfer to Start in Hungary

Using a service developed by Hungarians, Rakuten Viber and Mastercard have launched an instant money transfer service, called Moneytou, Hungarian state news service MTI said. Owners of credit cards issued by Hungarian banks will be the first in the world to use the service for immediate financial transactions. Viber users will be able to send each other amounts of up to HUF 125,000 a month and maximum HUF 780,000 a year in the near future. The amounts are in line with EU money laundering regulations but the card-issuing bank can set additional limits.

The Moneytou project offers a unique payment solution for all users in Hungary, with the new technology making it possible to transfer small amounts of money quickly and safely, Cristina Constandache, Global Chief Financial Officer of Rakuten Viber said. The executive added that the new service, which enables Viber to enter the financial services business, is another milestone in the company's operations after instant messaging and mobile telephony.

Vice President for Business Development at Mastercard, Gabriel Ghita explained that Mastercard's technology and the new Hungarian NeoPay service make payment available every minute of the day. Users are provided with a quick, simple and safe solution for sharing a joint restaurant bill or buying an office gift.