Visa has announced the launch of a new plug-and-play mobile money solution targeted to the unbanked population.
The global platform is the world’s first bank-grade managed service for mobile money – meaning it allows Visa to host and fully manage all aspects of a mobile money program on behalf of the provider. This makes it easier for mobile operators and financial institutions to provider mobile services to consumers.
“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,” said Bill Gadja, Head of Global mobile Products for Visa.
The first to benefit from the service will be unbanked customers in India and Rwanda, via mobile operator Aircel for the former and Bank of Kigali and Urwego Opportunity Bank for the latter. These customers will be able to carry out cash-in and cash-out services at agent locations, as well as paying bills, sending money to other users, topping-up their phones and buying train tickets – with the Visa quality stamp.
One of the partners, Aircel, commented on the new product, “ircel prides itself in offering its subscribers the most innovative mobile applications that meet the unique needs of consumers in India,” said Geoff King, Head of Mobile Banking, Aircel. “Through the Visa hosted and managed service, Aircel is now able to partner with local banks to offer our mobile subscribers access to money services that will simplify their financial lives,” he added.
The platform is hosted by Visa managed data centers and the company controls all aspects of a mobile money service such as: mobile money program management, support for any mobile channel, customer support and regulatory compliance, among others.
While Rwanda and India are the first to benefit from this service, the platform is available to mobile operators and financial institutions worldwide.
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