Visa has announced the launch of the bank-grade managed service platform for mobile money, Visa Mobile Managed Service.
The mobile managed service is designed to enable financial institutions and mobile network operators to quickly deploy mobile money programs across the country. Through Visa Mobile Managed Services smaller providers can also take advantage to bring affordable mobile financial services to other parts of the country, contributing to advance financial inclusion in India.
Uttam Nayak, Visa’s Group Country Manager, South Asia stated, “Through this new platform, Visa brings its global expertise in electronic payments to deliver easy and secure mobile payments to India. Our new mobile managed service reduces time, complexities and costs for India’s financial institutions and telecom operators to set up mobile financial services. Once again Visa is increasing the reach of electronic payments beyond tier 1 and tier 2 cities by driving financial inclusion through affordable access and low cost acceptance. It’s part of our continued push to develop India’s payments ecosystem.”
In order to receive services such as cash deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments, Aircel mobile subscribers will have access to a financial account linked to their mobile number through Visa’s managed platform.
Visa Mobile Managed Service will be initially available in Tamil Nadu and will be phased out across the rest of the country in 2013.
