Visa’s Blog – Visa Viewpoints


Jul 22, 2013


Expanding Access to Electronic Payments in India

It is well-known now that mobile technology has changed the face of electronic payments in emerging markets. For the past decade, mobile phones have been instrumental in providing unbanked and under-banked consumers with secure, reliable and convenient ways to pay and be paid. Although a lot of progress has been made, here in India, more than 40 percent of the urban population is still unbanked and nearly 90 percent of commerce is still cash-based.

Visa and its clients in India are making great strides to change this reality. Recent stats from the Reserve Bank of India prove that progress: there are now 350 million payment cards activated in the country, many of these in rural areas, and penetration of electronic payments is rising. Through our joint venture with Monitise – Movida – we are enabling financial institutions in India to offer consumers to make payments via mobile phone. In fact, earlier today, Movida announced a new agreement with ICICI Bank to offer mobile payments to its customers in India. Everyday transactions like buying tickets, paying a bill or recharging a wireless account can now be made with any mobile phone, not just smartphones.

Because the service is designed to operate across all mobile networks using any payment card – both Visa and non-Visa – we expect that Indian consumers will be able to wave goodbye to long queues while visiting the post office or paying their bills at automated tellers. These transactions, along with insurance premium and other recurring payments, are now available securely and conveniently to clients of ICICI Bank directly via their mobile phones.

As India continues to expand and upgrade its telecommunications infrastructure to rural areas, more Indian consumers will have access to secure and reliable electronic payments and financial services via a mobile phone– a critical step in the migration from cash to more convenient, secure forms of payment.   

In the long run, electronic payments will help to drive financial inclusion and fuel economic development and growth in our country. It is an exciting time and at Visa, we are proud to play a role in the transformation of India.


Posted by: Uttam Nayak, Group Country Manager, Visa Inc. on July 22, 2013 at 4:24 pm

Nov 15, 2012

The Economist Delves Into the “War of the Virtual Wallets”

Hailing the recent commercial availability of by Visa as “another milestone on the journey to digital cash” the Economist provides an overview of the major players and landscape in the digital wallet space in “War of the Virtual Wallets“, including perspective from Visa’s global head of eCommerce, Jennifer Schulz.

While noting that the competition in the virtual wallet space is white-hot, the article asserts that Visa is well-positioned as the battle intensifies.  Some Visa-specific statistics noted in the article to support this prediction include:

*More than 2.3 billion Visa cards in circulation

*Over $8 billion in total Visa credit, debit and prepaid transactions processed in 2011

*Significant technology investments and acquisitions in developed markets, including and Square

*Strategic investments in developing and emerging markets, including Monitise and Fundamo (a Visa company)

*Strong relationships with large member banks, including 50+ supporting

Please click here to read the entire article.


Posted by: Ryan Donovan, Corporate Relations on November 15, 2012 at 1:34 pm

Jun 26, 2012

Mobile Money Gets Another Boost As Monitise Closes Clairmail Acquisition

Congratulations to our strategic partner Monitise for successfully closing its acquisition of Clairmail today. The deal combines two of the leading providers of mobile banking services for financial institutions, a move that has the potential to accelerate the growth of mobile money services globally.

Monitise and Visa have a long standing partnership – in fact, Visa Inc. is currently the leading shareholder in Monitise with a 12.4% equity ownership stake. Our alliance with Monitise has helped Visa to develop a comprehensive suite of mobile financial services that are already deployed by financial institutions in key geographies like the U.S and India, and are enabling Visa issuers to “mobilize” existing Visa card accounts.

The news of Monitise’s acquisition of Clairmail couldn’t have come at a better time. The majority of adults in countries like the U.S., Canada and the UK own smartphones capable of serving up sophisticated mobile banking and payment applications. In the U.S. alone, 25 percent of smartphone users say they mostly access the Internet and online services, like banking using their phone instead of a computer. Most importantly, consumers want these applications to come from a trusted entity. In a recent consumer survey by KMPG, 56 percent of consumers said they trust their financial institution or the major payment networks to handle their mobile commerce financial data.

Monitise and Clairmail have long provided mobile banking solutions to the world’s leading financial institutions. Together these companies help enable mobile banking for a third of the top 50 North American financial institutions (including 8 of the top 13) and serve 13 million registered mobile banking users across four continents. That’s impressive especially if you consider the slow uptake of mobile NFC-payments and the rising debate over when mobile payments will be widely available.

The combined Monitise-Clairmail expertise will benefit Visa clients around the world. In the U.S., Monitise and Visa have already developed a suite of mobile services that allow Visa issuers in North America to offer their account holders the ability to monitor account history and balances, transfer funds between accounts, and receive near real time transaction alerts on their mobile devices. In India, Visa and Monitise have formed a joint venture, Movida, a mobile payment service that enables mobile subscribers in India to pay bills, top up prepaid airtime and buy tickets from their mobile phone.

As mobile, internet and social networks continue converging, Visa and our client financial institutions will continue to look for ways to make mobile payments more seamless and secure, while enabling consumers to shop and pay wherever they are, with their mobile device of choice.


Posted by: Bill Gajda, Head of Global Mobile Product on June 26, 2012 at 7:48 am

Jun 16, 2011

What the Industry is Saying about Monitise and Fundamo

Last week, Visa announced that we were not only extending our relationship with Monitise, but that we were acquiring Fundamo, a leading provider of mobile financial services for network operators and financial institutions in developing economies.

At the time of the announcement, we stressed that these investments directly supported our global strategy, which will allow us to deliver the next generation of mobile payments to consumers all over the world.  It is one thing for us to say it, but we are glad to hear industry analysts and experts agree.

  • On Yankee Group’s blog, Tole Hart cited the benefits of our relationships with Monitise and Fundamo and how these companies give Visa “An opportunity to expand its brand name and services in remittances, and double down in emerging markets for payment processing.”
  • Mary Monahan of Javelin Strategy commented on the “nice synergies” between Visa and Fundamo. She also noted that, “With a ‘land grab’ going on among the emerging unbanked nations, it is vital for long-term players to get in on the ground floor and establish a brand presence from the get-go.” 
  • Bart Narter of Celent pointed out that the Fundamo acquisition is “A great way to get a toehold in emerging markets” adding, “There was no one better to buy than Fundamo.”


Posted by: Ryan Donovan, Corporate Relations on June 16, 2011 at 10:44 am

Jun 9, 2011


Last month, Visa announced  its strategy to provide the next generation of payments solutions for any stage economy.  At the time, we shared our plans for a sophisticated digital wallet that will first be available in the U.S. and Canada.  And today, we’re announcing two investments that help us accelerate the strategy reaching other consumers around the world.

Today, Visa announced  the acquisition of Fundamo and a new agreement with Monitise.  Both companies play important roles in extending electronic payments and services via mobile devices. Taken together, they accelerate Visa’s ability to bring financial services to banked and unbanked consumers worldwide.  This means that consumers – across the full spectrum of uses, geographies and mobile environments – can access basic financial services on a simple handset or more advanced services on a smart phone.

Fundamo brings a platform for Visa to deliver mobile financial services for unbanked and underbanked consumers in developing markets.  Fundamo is already delivering services like person-to-person payments, airtime popup, and bill payment in more than 40 countries – with Visa, these services can integrate with VisaNet, adding interoperability and utility with the potential to connect billions of people to each other and to the global economy.

And through our extended relationship with Monitise, we will expand delivery of mobile financial services to Visa banked account holders — enabling electronic payments on the go for those who are more likely to transact on a mobile device than in person.

These are two ways we are enabling consumers around the world to transact wherever, whenever they choose and in ways that meet their lifestyles – whether using a card, a computer, or a mobile device.
We know that different parts of the world have different needs.  We know that delivering access to financial services on a mobile device is critical, as well as complicated.  And, at Visa, we’re only willing to do it in a way that replicates the security, reliability and convenience synonymous with using a Visa card at a retail store.

To see this vision in action, please check out this video .


Posted by: Bill Gajda, Head of Global Mobile Product on June 9, 2011 at 3:32 am

Jul 16, 2010

Visa / Monitise Extend Alliance

It’s been a busy few months for innovation at Visa, from our proposed acquisition of CyberSource to our collaboration with DeviceFidelity on contactless payments and the integration of Visa’s mobile services into ClairMail’s mobile banking platform. Our commitment to innovation continues with this week’s announcement about the extension of our strategic alliance with London-based Monitise, an expert in the development and operation of mobile financial services for some of the world’s leading financial institutions. You can read the full press release here.


Posted by: Elvira Swanson, Visa Corporate Relations on July 16, 2010 at 9:59 am

Jun 9, 2010

Recent Developments in Mobile Payments

Innovations in mobile and payment technology continue to shape the future of money. Mobile contactless payments are gaining popularity across Japan, South Korea and Malaysia and other countries where merchants have upgraded their point of sale terminals to accept contactless payments. Meanwhile consumers in India, Peru and Brazil can already use mobile devices to pay bills, order pizza or pay a taxi fare, and families in the U.S, China and Guatemala are able to send money transfers more easily and safely than ever before.


Posted by: Elvira Swanson, Visa Corporate Relations on June 9, 2010 at 3:54 pm