UK-based mobile banking service provider, Monitise, is teaming-up with Visa over a technology platform for financial institutions and mobile network operators in India. The joint venture is envisioned with the idea to give India’s financial service providers a platform to offer various mobile financial services such as banking, bill payments, ticketing services, mobile top-up and others to consumers.
India is the world’s second largest mobile market with an estimated 584 million mobile phone subscriptions, giving tons of space for growth for both parties involved.
The 50:50 joint venture transaction is expected to complete in June, and it will see both shareholders contributing resources. Moreover, a local team is being put together and discussions with a variety of potential launch partners are underway as we speak.
Commenting on the announcement, Visa’s Elizabeth Buse 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.”
[Via: CellularNews]