Visa today announced the launch of a bank-grade managed service platform for mobile money, Visa Mobile Managed Service. It is designed to enable financial institutions and mobile network operators to deploy mobile money programmes across the country.
Mobile network operators and financial institutions that wish to set up a mobile money service need simply to subscribes to Visa Mobile Managed Service. Visa would host and manage all aspects of the mobile money program on behalf of its clients.
Visa Mobile Managed Services is not limited to larger banks or telecom operators. Smaller providers can also take use this technology to bring affordable mobile financial services to other parts of the country, according to a company release.
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The new service has been launched initially with Aircel and ICICI Bank. Through Visa’s managed platform, Aircel mobile subscribers will have access to a financial account that is linked to their mobile phone number in order to receive services such as cash deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments.
Visa Mobile Managed Service will be initially available in Tamil Nadu and phased out across the rest of the country in 2013.
