Owe Mom Money? Pay Her with a Credit Card

Dear Beloved, it’s about to get even easier to help deposed Nigerian princes* — provided they have a valid credit card, and that credit card is a Visa, and you’re in the habit of regularly helping deposed Nigerian princes (which, little known fact, is one of Nigeria’s main exports, after petroleum; and one of its biggest success stories, after its fast-growing telecommunications industry**).

Visa Inc. announced recently that customers will soon be able to use Visa’s service to send money to personal Visa credit or debit cards, or to a pre-paid Visa card. The system will be available on a variety of platforms, including mobile phones and web-servers. No need for a check, or an ATM, or even ready cash (though the system will allow people to send cash via participating banks).

My favorite story on this comes from Bloomberg Businessweek – specifically, this: “Visa has partnered with two companies that provide technology to banks, Fiserv Inc. and CashEdge Inc….Fiserv operates the ZashPay network, which already is used by about 500 banks and credit unions for person-to-person payments.” Fiserv, ZashPay: Those are all real things – not just the arbitrary tappings of a clever tween with a thorough knowledge of the Millennium Falcon and a “Han Shot First” t-shirt.

What could be more secure, of course, than using your phone or an internet connection to send money? he asked rhetorically. Both PayPal and eBay have a history of scams plaguing their payment services. While the convenience of Visa’s plan seems unarguable, the immediacy of the access to one’s Visa account seems like there could be one or two arguments against it.

Any experience helping foreign nationals repatriate their money? Thoughts on how, specifically, this plan could go terribly, terribly wrong? We’d love to hear from you in the comments.

* From the critically acclaimed television situational comedy, 30Rock: Tracy Jordan: “Yo. Remember that email that we got from those Nigerians that needed our help getting all that money out of Africa? We did it! I got that check today.” Season 1, episode 15: “Hardball”

** Facts not verified. It’s not clear if Mike Bevel even knows where Nigeria is.