Visa Inc, the world's largest retail electronic payments network, and Monitise, leaders in the development and operation of "Mobile Financial Services", today announced the formation of a joint venture that will provide a technology platform for financial institutions and Mobile network operators in India to offer a range of mobile financial services to consumers.
The joint venture builds on an existing partnership between Visa and Monitise, and will give providers of financial services in India a platform to accelerate the delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others to consumers. India is the worlds second largest mobile market with an estimated 584 million mobile phone subscriptions.
Elizabeth Buse, Group Executive, International, Visa Inc. said "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.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."
