Visa has launched a plug-and-play mobile money platform that it said will make easy and cost-efficient for financial institutions (FIs) and mobile operators to offer mobile financial consumers. The global platform is the world’s first bank-grade managed service for mobile money, which allows Visa to host and fully manage all aspects of a mobile money programme on behalf of the provider. The new service can enable domestic-only or globally interoperable mobile money services.
Unbanked consumers in India and Rwanda will be first to use the service. Aircel mobile subscribers in India and customers of Bank of Kigali and Urwego Opportunity Bank in Rwanda now have access to a financial account linked to their mobile phone number, which they can use for cash-in and -out transactions at agent locations, paying bills, sending money to relatives, topping-up air time and buying train tickets.
“We applaud the pioneers in Africa, Asia and the Middle East who have launched closed-loop mobile financial, services and reached so many consumers so quickly”, said Bill Gajda, head of global mobile products for Visa. “As demand grows, so does the cost and complexity to maintain these services. Visa’s new mobile money platform is designed to allow mobile operators and FIs to focus on their core business, while leaving the management of their mobile money service to Visa.”
The new platform, which is being hosted in Visa managed data centres, is built on Fundamo’s technology, the mobile money technology acquired by Visa in 2011 and since deployed in more than 30 countries.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.