Visa Launches Mobile Managed Service
New global service significantly reduces the complexity and cost to offer mobile financial services to unbanked consumers.
Unbanked consumers in
"We applaud the pioneers in
The new platform, which is being hosted in Visa managed data centers, is built on Fundamo's technology, the mobile money technology acquired by Visa in 2011, which has been successfully deployed in more than 30 countries.
"Aircel prides itself in offering its subscribers the most innovative mobile applications that meet the unique needs of consumers in India," said
Designed and tailored for use by financial institutions and mobile operators
Visa's new platform is designed to comply with the regulatory frameworks established for mobile financial services. It offers mobile network operators and financial institutions a local connection to Visa's global payment network, VisaNet, and a one-stop solution for providing mobile money services that are based on Visa's high standards of security, reliability and interoperability. Through the new platform, Visa can manage all aspects of a mobile money service, including:
- Mobile Money Program Management - Visa, on behalf of the mobile money service provider, can manage the customer enrollment and mobile wallet user interface, fees, commissions and taxes, as well as apply risk management tools, reporting capabilities, and other "on-behalf-of" services. This reduces implementation costs and resources required to deploy mobile money services.
- Support for any Mobile Channel - Mobile money service providers can use industry standard interfaces to connect to Visa's new platform, and can send mobile money transactions across all mobile channels including USSD (Unstructured Supplementary Service Data), xHTML (Extensible Hypertext Markup Language), and IVR (Interactive Voice Response).
- Support for a Comprehensive Set of Transactions - The platform enables financial transactions in both closed-loop and open-loop environments, including cash-in and -out transactions at agent locations and ATMs, domestic and international money transfers, payments at merchants where Visa is accepted, as well as bill payments and air-time top up. It also supports informational transactions such as bulk registration, balance inquiries, PIN and account management.
- Customer Support and Regulatory Compliance - Visa's Mobile Managed Service can support compliance with mobile and financial regulatory requirements in different countries. In addition, the platform can offer comprehensive customer support capabilities including monitoring and maintenance of connections to host systems, disaster recovery, incident management, as well as customer response management and account management (AML and KYC) workflows.
- Visa-quality Payment Security - The platform combines Visa's advanced risk processing technology with the security and authentication features of mobile devices, allowing the mobile money service provider to offer financial transactions that are based on Visa's high standards for transaction security, reliability and interoperability.
While financial institutions and mobile network operators in
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks-VisaNet-that is capable of handling more than 24,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com.
Aircel is India's fifth largest and fastest growing GSM mobile service provider and a pan
Claudia Parazzoli, +1 650-432-4211
Asia Pacific, Middle East and Africa
Zoe Hibbert, +65 6671-5758
Fabricio Migues, +55 (11) 2102-0034