Visa announced the launch of its plug-and-play mobile money platform, the world’s first bank-grade mobile money management service, on Wednesday, allowing financial institutions and mobile operators to more easily provide consumer financial services.
The platform allows Visa to manage all aspects of a mobile money program on behalf of an institution for both domestic and global mobile money services. Unbanked Aircel mobile customers in India and Bank of Kigali and Urwego Opportunity Bank customers in Rwanda will be the first to access the service, which will link a financial account to their mobile phone number.
“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,” Bill Gajda, the head of Visa’s global mobile products, said. “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 businesses, while leaving the management of their mobile money service to Visa.”
The platform is built on Fundamo technology, which was acquired by Visa in 2011 and has been launched in more than 30 countries. The new framework is designed to comply with regulations in the mobile financial services industry and will provide support for a number of transactions, Visa payment security, customer support and mobile channel support.