Visa Inc. is acquiring Fundamo, a leading platform provider of mobile financial services for mobile network operators and financial institutions in developing economies. It also announced a new, long-term commercial agreement with Monitise plc, a leading provider of mobile money solutions for financial institutions in more developed geographies.
The investments illustrate Visa’s conviction that mobile financial services of many types, not just mobile retail payments, are part of its future.
Fundamo's platform enables the delivery of mobile financial services to un-banked and under-banked consumers around the world--including person-to-person payment, airtime top-up, bill payment and branch-less banking services, Visa says.
The combined Visa Fundamo platform will add enhanced functionality and new services to existing mobile financial services subscribers across Africa, Asia and Latin America for safe, reliable and globally accepted payments solutions.
Privately held, Cape Town, South Africa-based Fundamo has more than 50 active mobile financial services deployments across more than 40 countries, including 27 countries in Africa, Asia and the Middle East.
Fundamo's deployments currently have a base of more than five million registered subscribers and the potential to reach more than 180 million consumers with mobile financial services. Mobile prepaid payments provide affordable, convenient and secure transaction capabilities that are transformational to the lives of merchants and consumers in those regions.
Visa will pay approximately $110 million in cash. The acquisition is expected to close today, and is slightly dilutive to Visa's earnings per share in its fiscal year 2011 ending September 30, 2011.
Visa says the expanding relationship with Monitise will enable the company to deliver mobile financial services and payments capabilities to consumers across the full spectrum of uses, geographies and mobile environments from basic services on simple handsets to more advanced services for smart phone owners.
The Monitise deal is aimed at consumers in developed economies, and will include features such as mobile top-up, utility payments, and transit ticketing.
In addition, the two companies will launch a full suite of mobile banking services - including P2P payments, SMS alerts and loyalty offers for clients of Visa's debit and prepaid processing platform.
Visa acquired a 14.4 percent stake in Monitise in 2009 and the pair struck a strategic development deal in February.
http://corporate.visa.com/media-center/press-releases/press1128.jsp
The investments illustrate Visa’s conviction that mobile financial services of many types, not just mobile retail payments, are part of its future.
Fundamo's platform enables the delivery of mobile financial services to un-banked and under-banked consumers around the world--including person-to-person payment, airtime top-up, bill payment and branch-less banking services, Visa says.
The combined Visa Fundamo platform will add enhanced functionality and new services to existing mobile financial services subscribers across Africa, Asia and Latin America for safe, reliable and globally accepted payments solutions.
Privately held, Cape Town, South Africa-based Fundamo has more than 50 active mobile financial services deployments across more than 40 countries, including 27 countries in Africa, Asia and the Middle East.
Fundamo's deployments currently have a base of more than five million registered subscribers and the potential to reach more than 180 million consumers with mobile financial services. Mobile prepaid payments provide affordable, convenient and secure transaction capabilities that are transformational to the lives of merchants and consumers in those regions.
Visa will pay approximately $110 million in cash. The acquisition is expected to close today, and is slightly dilutive to Visa's earnings per share in its fiscal year 2011 ending September 30, 2011.
Visa says the expanding relationship with Monitise will enable the company to deliver mobile financial services and payments capabilities to consumers across the full spectrum of uses, geographies and mobile environments from basic services on simple handsets to more advanced services for smart phone owners.
The Monitise deal is aimed at consumers in developed economies, and will include features such as mobile top-up, utility payments, and transit ticketing.
In addition, the two companies will launch a full suite of mobile banking services - including P2P payments, SMS alerts and loyalty offers for clients of Visa's debit and prepaid processing platform.
Visa acquired a 14.4 percent stake in Monitise in 2009 and the pair struck a strategic development deal in February.
http://corporate.visa.com/media-center/press-releases/press1128.jsp
No comments:
Post a Comment