Visa Set To Launch Financial Services In Pakistan

By PYMNTS | April 21, 2013

Fundamo, a subsidiary of Visa that provides mobile financial services for mobile operators and financial institutions, is preparing to introduce their mobile services platform in Pakistan, reports The Express Tribune. The platform will use VisaNet technology and will run on an interoperability model, which is a precedent for the mobile banking market in Pakistan. The State Bank of Pakistan conducted more than 31 million mobile banking transactions in the last quarter of 2012, a total amounting to $1.5 billion.

Fundamo CEO, Hannes Van Rensburg, told the Express Tribune, “The Pakistani mobile financial services market is one of the most successful in the world. Despite increased adoption and use, the majority of Pakistanis remain unbanked.” He continued, “This means that there is still enormous scope for growth in the market.”