Global payments technology company Visa has introduced a new plug-and-play mobile money platform, which will enable financial institutions and mobile operators to provide easy and cost-efficient mobile financial services to consumers.
The first bank-grade managed service for mobile money allows Visa to host and fully manage all aspects of a mobile money program including user interface design to consumer enrollment, transactions processing, authorization, clearing and settlement, on behalf of the provider.
Aircel mobile subscribers in India and customers of Bank of Kigali and Urwego Opportunity Bank in Rwanda are able to access to a financial account that is linked to their mobile phone number.
Using the mobile managed service, consumers can perform cash-in and -out transactions at agent locations, pay bills, send money to relatives, top-up air time and buy train tickets.
Visa global mobile products head Bill Gajda said, "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."
Built using Fundamo’s mobile money technology acquired by Visa in 2011, the new platform is being hosted in Visa managed data centers.
Designed and tailored for use by financial institutions and mobile operators, the new technology also meets regulatory frameworks established for mobile financial services.
Operating in more than 200 countries and territories, Visa connects consumers, businesses, financial institutions and governments to fast, secure and reliable digital currency.