Visa and Monitise has agreed to form a joint venture company that will provide a technology platform for financial institutions and mobile network operators in India to offer a range of mobile financial services to consumers. The new company will combine Visa’s expertise in enabling secure, globally interoperable financial transactions with Monitise’s know-how in developing mobile financial technology for a broad range of handsets.
The joint venture builds on an existing partnership between Visa and Monitise, and will give providers of financial services in India a platform to accelerate the delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others to consumers. India is the world’s second largest mobile market with an estimated 584 million mobile phone subscriptions as of 31 March 2010.
Visa has enabled the development and commercialization of a broad range of mobile financial services, including those that have the potential to bring the more than one billion unbanked mobile subscribers into the financial mainstream.
Monitise delivers unique expertise that facilitates customized development of mobile financial services for a broad range of handsets. Monitise already serves the needs of more than 200 banks and financial institutions in the United Kingdom and United States of America to deliver similar safe, secure mobile banking and payment services to over two million registered users.
Monitise plc has created the world’s first mobile money networks, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset. [via]