First Visa product enabled by Fundamo, a leading mobile money
platform recently acquired by Visa. Enables financial institutions,
mobile network operators to offer Visa prepaid accounts on mobile phones
to unbanked and under-banked consumers.
HONG KONG, Nov 16, 2011 (BUSINESS WIRE) --
Visa Inc. (NYSE: V) today announced a significant step to bringing
access to secure financial services and electronic payments to consumers
in developing countries by introducing a new product serving the needs
of unbanked and under-banked consumers. The new product, a Visa prepaid
account that can be accessed through a mobile phone, offers consumers in
developing countries a secure, reliable, globally interoperable
electronic payment account.
MTN Group, a leading telecommunications provider in Africa and the
Middle East, plans to offer the new Visa product to MTN Mobile Money
customers across its markets. As part of the launch, the new product
will be available to customers in Nigeria and Uganda.
Today, more than one hundred1 mobile money programs provide
consumers in developing countries with basic financial services, with
several more being planned by mobile network operators and financial
institutions. Visa's new product will enhance the security, scale and
interoperability of these mobile money programs, while extending their
payment functionality by enabling account holders to send funds to each
other, send and receive international remittances, make purchases at
merchants or online where Visa is accepted or withdraw funds at a Visa
ATM.
"Reaching consumers who have previously lacked access to formal
financial services with secure and reliable electronic payments is
finally a reality," said Jim McCarthy, head of product for Visa Inc.
"Mobile technology has become the single most important driver of
financial inclusion that is enabling financial institutions, mobile
network operators and Visa to connect unbanked consumers to each other
and the global economy."
MTN Mobile Money has been implemented in 12 countries. At 30 September
2011, there were 5.7 million registered mobile money customers.
"The launch of this product with Visa doesn't only enhance our current
mobile money offering, but also represents yet another crucial milestone
in our journey to bring value-adding services to the growing population
of mobile phone users in our markets. And as the appetite for mobile
technology grows, MTN is excited to be at the forefront of providing
millions of our customers with such important product innovations," said
Christian de Faria, MTN Group Chief Commercial Officer.
How It Works
The mobile phone is changing how consumers around the world pay and get
paid, and offers financial service providers in developing countries a
new, efficient channel to serve the unbanked and under-banked. In the
last ten years, 100 million2 people have been newly 'banked'
through mobile services that offer consumers basic financial services
that are limited in geographic reach.
Visa's recent acquisition of Fundamo, a leading mobile money platform in
developing countries, and its integration into Visa, has created the
first globally interoperable mobile payment platform that can connect
existing mobile money services with Visa's global payment network,
VisaNet.
The result is a new Visa product that allows financial service providers
and mobile network operators to offer consumers a payment account that
provides Visa's high standards of security, reliability and global
interoperability, including:
Visa-quality Payment Security - The new product combines Visa's
advanced risk processing technology with the security and authentication
features of mobile devices, offering consumers in developing countries
peace of mind when making purchases. Regardless of transaction size or
where consumers make purchases, Visa and the account issuer will be able
to authenticate the account holder at the point of transaction by
requesting a PIN or password. In addition, Visa's fraud monitoring
capabilities can help mitigate and prevent fraud.
Visa Payment Functionality - From international remittances to
ecommerce transactions Visa's new product will offer consumers a new
payment account that enhances the payment functionality of their
existing mobile money service. In markets with Visa acceptance
locations, consumers may also have the option to receive a Visa prepaid
companion card that can be used at ATMs and merchants where Visa is
accepted.
Transaction Authorization, Clearing and Settlement Services - For
financial institutions and mobile network operators offering Visa's new
mobile prepaid product, Visa will offer a full suite of payment
processing and account management services supported by the world's
largest payments network, VisaNet.
Developing countries in Africa, Asia and Latin America are among the
first target markets for Visa's new mobile-based prepaid product.
Visa is working closely with financial institutions, mobile network
operators, governments and non-governmental organisations in developing
countries to extend access to financial services and electronic
payments, helping drive economic growth and financial inclusion by
migrating cash spend to electronic payments.
About Visa Inc.:
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 digital currency.
Underpinning digital currency is one of the world's most advanced
processing networks--VisaNet--that is capable of handling more than 20,000
transaction messages a second, with fraud protection for consumers and
guaranteed 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 www.corporate.visa.com.
About the MTN Group:
Launched in 1994, the MTN Group is a multinational telecommunications
group operating in 21 countries in Africa, Asia and the Middle East. The
MTN Group is listed on the JSE Securities Exchange in South Africa under
the share code: "MTN." As of 30 September 2011, MTN recorded over 158
million subscribers across its operations in Afghanistan, Benin,
Botswana, Cameroon, Cote d'Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea
Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville),
Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
Visit us at www.mtn.com
and www.mtnfootball.com
1GSMA Research, 2011
2Juniper Research, 2011
SOURCE: Visa Inc.
Press Only:
North America:
Visa Inc.
Erica Harvill, 415-932-2564
globalmedia@visa.com
or
Asia Pacific
Visa Inc.
Susan Chan, +65 6671 5768
suchan@visa.com
or
Central Europe, Middle East, Africa:
Fleishman-Hillard for Visa Inc.
Vanessa Baard, +27 82 331 8158
vanessa.baard@fleishman.co.za
or
Latin America:
Visa Inc.
Jennifer McGowan, 305-328-1498
jmcgowan@visa.com
or
MTN Group
Silvanus Mabaso, +27 83 222 7613
silvan_s@mtn.co.za