Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Card Issuers » Visa Brings Mobile Banking to India, Rwanda

Visa Brings Mobile Banking to India, Rwanda

Add to Favorites:
Visa Brings Mobile Banking to India, Rwanda
Tags: , , , ...
February
19

Unbanked customers in India and Rwanda will be the first to benefit from Visa’s new mobile money management platform, Visa Mobile Managed Service. The plug-and-play money platform, which makes it easy and cost-accessible for banks to offer mobile banking services to customers, will expand the reach of mobile banking across the globe.

Visa will host and manage all aspects of the service, from designing the interface to signing customers up and processing transactions. Financial institutions will be able to offer domestic or international mobile services to their customers while Visa handles the back-end management of the system.

In India, ICICI Bank, in partnership with Aircel, is the first subscriber to Visa’s new service, and in Rwanda, Bank of Kigali and Urwego Opportunity Bank have signed up to make mobile money management available to their customers. Financial accounts at those institutions are now linked to customers’ mobile phone numbers, allowing them to pay bills, send money to family and friends, buy train tickets, and manage cash transactions through their phones.

Banks focus on customers, Visa takes care of mobility

Banks that sign up will be able to focus on their business without worrying about the details of managing the mobile payment system. “As demand grows, so does the cost and complexity to maintain these services,” said Bill Gajda, Visa’s head of global mobile products.

The service is connected to Visa’s global payment network, VisaNet, which allows Visa to manage transactions with a high level of security and reliability. Services include:

  • Program management – Visa manages all aspects of customer enrollment and user interface on behalf of clients, including fees and taxes, risk management, reporting and more.
  • Support for multiple mobile channels – Money can be sent across any mobile channel including USSD (Unstructured Supplementary Service Data), xHTML (Extensible Hypertext Markup Language), and IVR (Interactive Voice Response).
  • Support for many types of transactions – The platform handles closed-loop and open-loop transactions including cash in and out at ATMs, money transfers, payments at merchants who accept Visa, bill payments and more.
  • Customer support and compliance – Compliance with international mobile and financial regulatory requirements is handled through Visa. The service also offers customer support including host connections, disaster recovery, account management and more.
  • Secure payments – Visa’s advanced risk processing technology interfaces with security features of mobile devices, allowing for secure and reliable transactions.

The platform is built on tools acquired by Visa in 2011 when they bought Fundamo, a mobile money technology that was used in over 30 countries worldwide.

Add to Favorites:

Related News:

Visa Invests in Digital Solutions for Android Users

By Dar Dowling, Posted: March 06, 2015

Visa has teamed up with financial institutions to bring “wave-and-pay” technology to Android users, so now just like iPhone users they can pay for things with a wave of their phone. Continue reading
Mobile Banking Gender Gap Exposed

By Elizabeth Nelson, Posted: February 27, 2013

Women in emerging countries are making and managing money, but a lack of resources prevents them from taking advantage of mobile banking options, according to a new study sponsored by Visa. Continue reading
Smartphones Have Edge Over Computers in Online Banking

By Elizabeth Nelson, Posted: May 08, 2013

Online banking is on the rise and banking apps are replacing computers for managing money, according to a recent survey by the Mercator Advisory Group. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit