Visa is a global payments technology company that connects consumers, businesses, banks and governments has launched a new plug-and-play mobile money platform targeting financial institutions and mobile operators who offer mobile financial services to consumers in developing countries
According to the card giant the new platform becomes the “world’s first bank-grade managed service for mobile money”,
The platform hosts and fully manages all aspects of a mobile money programme on behalf of the provider, from user interface design to consumer enrollment, transactions processing, authorization, clearing and settlement, and regulatory compliance and enables domestic-only or globally interoperable mobile money services.
Built on Fundamo’s technology, the mobile money technology was acquired by Visa in 2011 and now is spread in over 30 countries being hosted in Visa managed data centers.
Pioneer programmes have been done to unbanked consumers. Aircel mobile in India and Bank of Kigali and Urwego Opportunity Bank in Rwanda are providing their customers’ access to a financial account that is linked to their mobile phone number. The Visa’s service allows customers to make cash-in and -out transactions at agent locations, pay bills, send money to relatives, top-up air time and buy train tickets.
Geoff King, head, mobile banking, Aircel, says: “Through the Visa hosted and managed service, Aircel is now able to partner with local banks to offer our mobile subscribers access to money services that will simplify their financial lives.”
Visa manages the mobile service for their customers therefore making it easy for them to focus on their business thus cutting the cost and complexity to maintain these services.