Monitise and Visa team up in India

UK-based mobile banking firm Monitise will launch a joint venture with Visa to provide secure mobile financial services in India.
The 50-50 partnership will see the companies provide a technological platform for mobile operators and banks to offer high…

UK-based mobile banking firm Monitise will launch a joint venture with Visa to provide secure mobile financial services in India.

The 50-50 partnership will see the companies provide a technological platform for mobile operators and banks to offer high quality, dependable mobile banking services.

The agreement with Visa gives Monitise a global brand to help propel it into the emerging markets where mobile banking is in high demand. Visa’s expertise in managing secure global financial transactions will complement Monitise’s ability to equip multiple handsets with the necessary technology. Banks and mobile operators are determined to provide mobile banking in India, which currently has close to 600 million mobile subscribers.

Elizabeth Buse, Group Executive, International, Visa commented:

“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.”