Visa launches new plug-and-play money platform

Visa Inc. announced yesterday with the launch of a new plug-and-play mobile money platform that will be more cost-efficient for financial institutions and mobile operators to offer financial services for their customers and simplify transactions.

Designed and tailored for use by financial institutions and mobile operators, this new platform is a one-stop solution for providing mobile money services built on high standards of security, reliability and interoperability.

Selling points include a mobile money program management, support for any mobile channel, support for a comprehensive set of transactions, customer support and regulatory compliance, and Visa-standard of payment security.

This platform is the first in the world to have bank-grade managed service for mobile money. This means that it allows Visa to host and manage all aspects of the program on behalf of the provider, such as user interface design, authorization and clearing.

Consumers in India and Rwanda who are currently unbanked will be the first to benefit from this service. Aircel mobile subscribers in India and customers of the Bank of Kigali and Urwego Opportunity Bank in Rwanda will now have access to an account linked to their mobile number.

These consumers can make use of the financial services and Visa-quality payments to pay bills, remit money, top up airtime and buy train tickets.

Aircel, India’s fifth largest and fastest growing GSM mobile service provider and pan India operator, will be partnering with local banks to offer money services to mobile subscribers.

“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.

“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.

Gajda added, “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.”

This new platform is built on Fundamo’s technology, the mobile money technology bought over by Visa in 2011, which has been deployed in more than 30 countries.

Image Credit: The New Times