More action on the mobile payments front: Visa has announced plans to launch a joint venture with LSE listed Monitise for the Indian market. The companies will provide a technology platform for financial institutions and mobile network operators in India, to offer services such as banking, bill payments, mass transit ticketing, mobile top-up and others to consumers.
According to Visa, the joint venture transaction is expected to close in June 2010, and while the shareholding has not been specified, both parties will contribute resources to the venture. The company says that discussions “with a wide variety of potential launch partners are well underway.” If you know who, leave a comment.
Visa brings in the ability to enable secure and globally inter-operable financial transactions, as well as strong relationships with banks, while Monitise will be the technology provider, for handsets for applications. Monitise serves over 200 banks and financial institutions in the UK and US, and has two million registered users.
Why has Visa tied up with Monitise, and not an Indian partner? Well one reason could be that Visa owns a minority stake in Monitise. Remember that Visa had first inked a partnership in India with MChek, which recently received funding for a project it is doing with Tata Indicom in India.
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