Visa has launched a new mobile wallet service,
aimed at the un- and under-banked in developing countries.
The African mobile network MTN – which has
services in 21 countries and five million registered mobile money
customers– has already signed up to the service, which is being run
by Visa recently-acquired mobile payments subsidiary Fundamo.
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Fundamo, bought by Visa earlier this year for
$110 million, already has some 10 million customers on closed-loop
carrier-bound mobile payments platforms. Access to Visa’s open loop
network means that existing and new Fundamo customers will have
full interoperability with other mobile financial services, as well
as full POS and ATM functionality.
Jim McCarthy, head of product at Visa Inc,
said: “Mobile technology has become the single most important
driver of financial inclusion that is enabling financial
institutions, mobile network operators and Visa to connect unbanked
consumers to each other and the global economy.”
Aletha Ling, Chief Operating Officer of
Fundamo told Cards International: “A number of banks and
mobile networks are currently considering the service and we expect
a rapid uptake. African markets are moving quickly, and we are
seeing a good response from markets in Asia – particularly
Pakistan, Indonesia and Bangladesh – where we expect to see some
significant activity in the next six to 12 months.
“We are working with Visa’s client-base along
with the network operator clients in our portfolio as well as with
non-Fundamo mobile wallet operators,” she said. “Banks will not
need to reassess their mobile strategy. We are able to integrate
our offering into most existing plans.”
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