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Visa acquires Fundamo mobile payments service

Summary: Visa is continuing to gain ground in the mobile payments market with the acquisition of Fundamo, a service that is already prevalent in developing markets.

Rachel King

By for Between the Lines |

Visa is continuing to gain ground in the mobile payments market with the acquisition of Fundamo, a service that is already prevalent in at least 40 developing markets.

Basically, the merger brings together Fundamo's mobile financial services platform for customers with little to no access to a bank account with Visa's global payments network, VisaNet. The gain for Fundamo users would be a higher level of security when making mobile payments, and Visa gets a bigger consumer base abroad.

Additionally, Visa reaffirmed an agreement with Monitise, which offers new services (i.e. mobile payments, person-to-person payments, mobile transaction alerts, etc.) to Visa account holders on mobile phone.

Visa has already announced plans for an NFC-enabled digital wallet service for North America, set to launch this fall. However, it already looks behind in the game considering MasterCard garnered attention for its involvement on Google Wallet. Nevertheless, if Visa gains control of mobile payments abroad (especially in developing countries where these services are becoming the norm), then they could end up with the worldwide lead.

For another look at Visa's mobile payments strategy, check out the following promo video:

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Topics: Google, Banking

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  • RE: Visa acquires Fundamo mobile payments service

    Gutsy move, Fundamo sells platforms to telco's to enable them to offer mobile payment services. Hardware & Software play, Visa runs a payment nework...very different business models and do not forget the two giant's on either side. The Telco who do not need Visa to do this i.e MPesa and the Banks who are already doing this without Visa i.e FNB South Africa. Wishing Visa and Fundamo all the best.
    clickatell
    Reply Vote

  • RE: Visa acquires Fundamo mobile payments service

    Indeed such a turning point in the history of Mobile payment technology, ensuring that competitive major partnership ventures of recent times, will not be able to monopolise the international arena.

    June 2011 will be remembered as the turning-point in this industry, when finally,... and not a moment too soon, this amalgamation will ensure a healthy and bright future on a truely global scale for the enhancement of a secure and deliverable technology, benifitting millions.

    Another proud day for South African entrepreneurs who started off this venture more than a decade ago.
    Frans Stander
    Reply Vote

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