May 26 2010 , New Delhi
Global retail electronic payments network Visa and mobile financial services provider Monitise on Wednesday announced the formation of a joint venture that will provide a technology platform for financial institutions and cellular operators in India to offer a range of mobile financial services to consumers.
The new company will combine Visa’s expertise in enabling secure, globally interoperable financial transactions with Monitise’s knowhow in developing mobile financial technology for a broad range of handsets.
The joint venture builds on an existing partnership between Visa and Monitise and will give financial service providers a platform to accelerate the delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others.
India is world’s second largest mobile market with an estimated 584 million mobile phone subscribers as of March 31.
“Creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700 billion of annual consumer spending from cash to electronic forms of payments,” said Elizabeth Buse, group executive, international, Visa.
She said Visa and Monitise together can provide banks and mobile network operators in India the scale, security and reliability required to make mobile money a reality for consumers.
Monitise chief executive officer Alastair Lukies said: “This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single, secure and convenient link to offer a wide range of services via a mobile device. India’s mobile market offers tremendous growth opportunities for this joint venture and for our customers.”
The joint venture transaction will be undertaken in accordance with applicable laws and is expected to close in June.
Both shareholders will be contributing resources to the joint venture and an outstanding local team of experts in their fields is being put together.
The new company will combine Visa’s expertise in enabling secure, globally interoperable financial transactions with Monitise’s knowhow in developing mobile financial technology for a broad range of handsets.
The joint venture builds on an existing partnership between Visa and Monitise and will give financial service providers a platform to accelerate the delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others.
India is world’s second largest mobile market with an estimated 584 million mobile phone subscribers as of March 31.
“Creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700 billion of annual consumer spending from cash to electronic forms of payments,” said Elizabeth Buse, group executive, international, Visa.
She said Visa and Monitise together can provide banks and mobile network operators in India the scale, security and reliability required to make mobile money a reality for consumers.
Monitise chief executive officer Alastair Lukies said: “This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single, secure and convenient link to offer a wide range of services via a mobile device. India’s mobile market offers tremendous growth opportunities for this joint venture and for our customers.”
The joint venture transaction will be undertaken in accordance with applicable laws and is expected to close in June.
Both shareholders will be contributing resources to the joint venture and an outstanding local team of experts in their fields is being put together.
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