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.
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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.
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