Visa Brings Mobile Banking to India, Rwanda - Card Issuers News


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Visa Brings Mobile Banking to India, Rwanda

Visa Brings Mobile Banking to India, Rwanda
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The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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