Visa brings mobile money solutions to developing countries

Unbanked and under-banked consumers in developing countries can now carry out their financial transactions on the fast-growing medium, mobile phones, by a Visa Inc. venture, confirms an official statement from the company. Visa Inc. now confirms bringing secure financial services and electronic payments on mobile phones using an app designed by Fundamo, a company it only recently acquired. Users can now access their prepaid account by Visa on their mobile phones, wherein they will be able to carry out their financial transactions using the electronic payment system, which according to the official post is 'reliable, secure and globally interoperable'.

Getting the Visa power to mobiles?

For Africa and the Middle East, MTN Group - a popular telecommunications provider in the market will bring Visa's mobile prepaid account access to the users there, under their MTN Mobile Money scheme. Users in Nigeria and Uganda, too, will be able to avail this scheme. The official statement further states that while Visa isn't the first player in the mobile payments market for the developing nations, it aims to take the bar of security higher with its service in this field. Using Visa's mobile electronic payment system, account holders will be able to - send funds to each other, send and receive international remittances, make purchases at shops or online where Visa is accepted or withdraw funds at a Visa ATM.

Visa Inc. claims to offer - Visa-quality Payment Security, which ensures secure transaction, since here the account issuer can confirm if the one who's making the transaction is the owner and not a fraud by requesting an authentic PIN number, regardless of the size of the transaction. Visa Payment Functionality will allow users to possess a Visa prepaid companion Card, which they claim can be used for international remittances and ecommerce transactions and lastly, Transaction Authorization, Clearing and Settlement Services, wherein users will be provided a complete suite of payment processing and account management services powered by VisaNet.

Visa aims to take its mobile electronic payment services across consumers in Asia, Africa and Latin America.