New global service significantly reduces the complexity and cost to offer mobile financial services to unbanked consumers. Aircel and ICICI Bank in India among the first clients to offer a mobile money program hosted and managed by Visa.
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Visa Inc. (NYSE:V) today announced the launch of a new plug-and-play mobile money platform that will make it easy and cost-efficient for financial institutions and mobile operators to offer mobile financial services to consumers. The global platform is the world’s first bank-grade managed service for mobile money – meaning it allows Visa to host and fully manage all aspects of a mobile money program on behalf of the provider, from user interface design to consumer enrollment, transactions processing, authorization, clearing and settlement. The new service can enable domestic-only or globally interoperable mobile money services.
Unbanked consumers in India and Rwanda are the first to benefit from the service. Aircel mobile subscribers in India and customers of Bank of Kigali and Urwego Opportunity Bank in Rwanda now have access to a financial account that is linked to their mobile phone number. From cash-in and -out transactions at agent locations, to paying bills, sending money to relatives, topping-up air time and buying train tickets, consumers can take advantage of bank-grade financial services and Visa-quality payments.
“We applaud the pioneers in Africa, Asia and the Middle East who have launched closed-loop mobile financial services and reached so many consumers so quickly,” said Bill Gajda, Head of Global Mobile Products for Visa Inc. “As demand grows, so does the cost and complexity to maintain these services. Visa’s new mobile money platform is designed to allow mobile operators and financial institutions to focus on their core business, while leaving the management of their mobile money service to Visa.”
The new platform, which is being hosted in Visa managed data centers, is built on Fundamo’s technology, the mobile money technology acquired by Visa in 2011, which has been successfully deployed in more than 30 countries.
“Aircel prides itself in offering its subscribers the most innovative mobile applications that meet the unique needs of consumers in India,” said Geoff King, Head of Mobile Banking, Aircel. “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. We begin with our partnership with ICICI to offer customers the ability to send cash across the country securely, to top up their prepaid mobile accounts, and pay their utility bills.”
Designed and tailored for use by financial institutions and mobile operators
Visa’s new platform is designed to comply with the regulatory frameworks established for mobile financial services. It offers mobile network operators and financial institutions a local connection to Visa’s global payment network, VisaNet, and a one-stop solution for providing mobile money services that are based on Visa’s high standards of security, reliability and interoperability. Through the new platform, Visa can manage all aspects of a mobile money service, including:
While financial institutions and mobile network operators in India and Rwanda are the first to offer mobile financial services based on Visa’s new managed service, the platform is capable of hosting and managing programs worldwide.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 24,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com.
Aircel is India’s fifth largest and fastest growing GSM mobile service provider and a pan India operator. It won 3G spectrum in 13 circles and BWA spectrum in 8 circles and has successfully launched 3G services in 13 circles, which is the fastest 3G roll out ever in the Indian Telecom Space. Aircel has been constantly innovating products and services and is credited with making 3G affordable to masses by launching Pocket Internet Smart which offers best value 3G packs. Aircel Pocket Internet Smart gave a boost to 3G adoption in the country as it is a true value for money product that allows consumers to access unlimited 3G data at extremely affordable prices. Aircel has positioned itself as a data led telecom player and has addressed the multi-functionality of a mobile phone in many innovative ways which are Industry firsts, be it the Aircel Pocket Internet, Pocket Internet Games, the first social networking mobile INQ on Aircel, Aircel Apollo Mobile Health Care, Blyk on Aircel, an enriching engagement for the Youth and very recently the first telecom player to introduce Facebook Voice Updates on Aircel. Aircel is also a preferred telecom network to launch Apple iPhone 3GS, iPhone 4, iPhone 4S and iPhone 5. For more information, please log on to www.aircel.com.
Source: Visa Inc.