Monitise, a UK-based provider of mobile banking and payments technology solutions and Visa have formed a 50/50 joint venture that will provide a technology platform for financial institutions and mobile network operators in India to offer a range of mobile financial services to consumers.
The new company will combine Visa’s expertise in enabling secure, globally interoperable financial transactions with Monitise’s know-how in developing mobile financial networks and technology for a broad range of handsets.
The joint venture aims to give Indian financial services providers a platform to accelerate the delivery of mobile financial services such as banking, bill payments, ticketing services, mobile top-up and others to consumers.
The joint venture transaction is expected to complete in June 2010. Both shareholders will contribute resources to the joint venture.
Alastair Lukies, CEO of Monitise, said: “This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single secure and convenient link to offer a wide range of services via a mobile. India’s mobile market offers tremendous growth opportunities for this joint venture and for our customers.”
Elizabeth Buse, group executive, international at Visa, said: “Creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700bn of annual consumer spending from cash to electronic forms of payments. Together, Visa and Monitise can provide banks and mobile network operators in India the scale, security, and reliability required to make mobile money a reality for consumers.”