Last month, Visa announced its strategy to provide the next generation of payments solutions for any stage economy. At the time, we shared our plans for a sophisticated digital wallet that will first be available in the U.S. and Canada. And today, we’re announcing two investments that help us accelerate the strategy reaching other consumers around the world.
Today, Visa announced the acquisition of Fundamo and a new agreement with Monitise. Both companies play important roles in extending electronic payments and services via mobile devices. Taken together, they accelerate Visa’s ability to bring financial services to banked and unbanked consumers worldwide. This means that consumers – across the full spectrum of uses, geographies and mobile environments – can access basic financial services on a simple handset or more advanced services on a smart phone.
Fundamo brings a platform for Visa to deliver mobile financial services for unbanked and underbanked consumers in developing markets. Fundamo is already delivering services like person-to-person payments, airtime popup, and bill payment in more than 40 countries – with Visa, these services can integrate with VisaNet, adding interoperability and utility with the potential to connect billions of people to each other and to the global economy.
And through our extended relationship with Monitise, we will expand delivery of mobile financial services to Visa banked account holders — enabling electronic payments on the go for those who are more likely to transact on a mobile device than in person.
These are two ways we are enabling consumers around the world to transact wherever, whenever they choose and in ways that meet their lifestyles – whether using a card, a computer, or a mobile device.
We know that different parts of the world have different needs. We know that delivering access to financial services on a mobile device is critical, as well as complicated. And, at Visa, we’re only willing to do it in a way that replicates the security, reliability and convenience synonymous with using a Visa card at a retail store.
To see this vision in action, please check out this video .
Posted by: Bill Gajda, Head of Global Mobile Product on June 9, 2011 at 3:32 am