Visa has announced the launch of a plug-and-play mobile money platform. This is pitched as the world’s first bank-grade managed service for mobile operators, banks and micro-lending organisations in developing countries.

Visa hosts and fully manages all aspects of a mobile money programme on behalf of the provider, from user interface design to consumer enrollment, transactions processing, authorisation, clearing and settlement. The service is first being aimed at unbanked consumers in India and Rwanda. Aircel and ICICI Bank mobile money customers in India and account holders of Bank of Kigali and Urwego Opportunity Bank in Rwanda will have access to a financial account that is linked to their mobile phone number.

“We applaud the early pioneers in Africa, Asia and the Middle East who have launched closed-loop mobile financial services and reached so many consumers so quickly,” says Bill Gajda, head of global mobile products at Visa. “As demand grows, so does the cost and complexity to maintain these services. Visa’s new mobile money platform is designed to allow mobile operators and financial institutions to focus on their core business, while leaving the management of their mobile money service to Visa.”

The new platform, which is being hosted in Visa datacentres, is built on technology from Fundamo, acquired by Visa in 2011. “Aircel prides itself in offering its subscribers the most innovative mobile applications that meet the unique needs of consumers in India,” says Geoff King, head of mobile banking, Aircel. “Through the Visa hosted and managed service, we are now able to partner with local banks to offer our mobile subscribers access to money services that will simplify their financial lives. We begin with our partnership with ICICI to offer customers the ability to send cash across the country securely, to top up their prepaid mobile accounts, and pay their utility bills.”

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