Monitise, the mobile money networks and
technology group, is teaming up with credit card giant Visa to
offer mobile financial services to customers in India. 

The firms’ 50/50 joint venture will provide a
technology platform for financial institutions and mobile network
operators to boost services such as banking, bill payments,
ticketing services, mobile top-up to consumers.

India is the world’s second largest mobile
market with an estimated 584 million mobile phone subscriptions as
at the end of March, according to the Telecom Regulatory Authority
of India.

Elizabeth Buse, group executive of Visa’s
international arm said the joint venture is a “crucial step” to
expanding the digital currency in India and will push through the
migration of $700bn of annual consumer spending from cash to
electronic forms of payments.

“Together, Visa and Monitise can provide banks
and mobile network operators in India the scale, security, and
reliability required to make mobile money a reality for consumers,”
she said. 

The agreement is expected to be completed in
June 2010.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.