As Visa’s Head of Mobile Product in Emerging Markets, Ashwin Raj talks about the importance of Visa’s participation at Mobile World Congress and how it allows Visa to showcase our capabilities, offering a view of what we have accomplished so far–as well articulate our vision for the future of payments.
Ashwin explains how mobile technology has revolutionized the way financial services reach unbanked and under-served consumers in emerging markets and the role Visa plays in making mobile money transactions secure, reliable and convenient.
Following our last video post with Ken Paterson, VP of Research Operations at Mercator Advisory Group, in which he discussed payment solutions for emerging markets, we now bring you the second part from our meeting with him. In today’s video, Ken discusses the importance of consumer education around electronic payments as a means to build trust in developing markets. Ken has over 25 years of experience in financial services market research, and his payments-related expertise ranges from product development and positioning to assessment of international payment system opportunities. For more information about how Visa is approaching financial inclusion in emerging markets, click here.
Visa met with Ken Paterson, VP of Research Operations at Mercator Advisory Group, to discuss his perspective on payment initiatives in emerging markets. Ken has over 25 years of experience in financial services market research, and his payments-related expertise ranges from product development and positioning to assessment of international payment system opportunities. In this video, Ken comments on potential payments solutions for developing markets, in particular mobile payments and prepaid programs. For more information on Visa’s initiatives in emerging markets, please see our news about a partnership with Orange, which will offer consumers access to mobile prepaid accounts in African and Middle Eastern countries as well as other press releases.
Last week, Visa announced that we were not only extending our relationship with Monitise, but that we were acquiring Fundamo, a leading provider of mobile financial services for network operators and financial institutions in developing economies.
At the time of the announcement, we stressed that these investments directly supported our global strategy, which will allow us to deliver the next generation of mobile payments to consumers all over the world. It is one thing for us to say it, but we are glad to hear industry analysts and experts agree.
On Yankee Group’s blog, Tole Hart cited the benefits of our relationships with Monitise and Fundamo and how these companies give Visa “An opportunity to expand its brand name and services in remittances, and double down in emerging markets for payment processing.”
Mary Monahan of Javelin Strategy commented on the “nice synergies” between Visa and Fundamo. She also noted that, “With a ‘land grab’ going on among the emerging unbanked nations, it is vital for long-term players to get in on the ground floor and establish a brand presence from the get-go.”
Bart Narter of Celent pointed out that the Fundamo acquisition is “A great way to get a toehold in emerging markets” adding, “There was no one better to buy than Fundamo.”
In the past few weeks, several news stories have highlighted the opportunity to grow mobile payments in emerging markets. We couldn’t agree more that there is a significant opportunity to bring innovative mobile payments solutions to emerging markets and, in doing so, give the underbanked and unbanked population access to the benefits of digital currency.