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Visa’s Mobile Payment JV in India Moves Forward
February 23, 2012
Yesterday PJ covered Visa’s mpayment initiative in Kenya. And today, Visa’s continuing to go after the mobile payment markets around the world, this time in India. Movida, a JV backed by Visa and Montise in which Visa also has stakes, has signed with HDFC bank to offer mobile payment services in India.
The new service allows HDFC Bank customers to pay bills, top up prepaid airtime and buy tickets from their mobile phone and is designed to operate across all mobile networks using any Visa and non-Visa branded payment account.
Remote mobile banking/payments are taking off worldwide including emerging markets where traditional banking infrastructure and services are lacking. Mobile devices have served as a new channel and alternative for providing services to a larger group of consumers including those not currently well served by banks.
As India continues the upgrade of its Internet and telecoms infrastructure to rural areas, the new mobile service finally allows millions of Indians currently excluded from enjoying the benefits of mobile and online payment services to become part of the digital age via their basic prepaid mobile phone.
The service is initially being offered to a select number of valued customers before being rolled out across the country later in the year.
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