Visa Europe and Visa Inc., the world’s largest retail electronic payments network, has announced plans to work with the GSMA to advance the delivery of mobile financial services around the world.
As part of the continuing collaboration between the two organizations, the GSMA has selected Visa as a provider for mobile money transfer solutions globally, and is working to execute an agreement to formalize participation terms. Visa is already a leading provider of money transfer solutions with active programs in 14 countries in Europe, the Middle East and Asia.
This announcement was made at the GSMA Mobile World Congress, the leading event for the mobile communications industry, where Visa is showcasing a range of mobile payment innovations.
“By combining the world’s largest retail electronic payments network and the world’s most popular wireless technology, we can take Visa beyond the card to mobile handsets, a move that can help accelerate the deployment of mobile payment services,” said Elizabeth Buse, Global Head of Product for Visa Inc. “Beyond growing our business, enabling money transfer and payments on mobile handsets has the potential to make a profound difference in the lives of hundreds of millions of people worldwide.”
Mariano Dima, EVP of Marketing at Visa Europe, stated: “Mobile phones are lifestyle tools for a new generation of consumers in developing and developed markets. The partnership between Visa and the GSMA is a clear signal that the world is ready to embrace mobile financial services.”
A key aspect of the collaboration between Visa and GSMA will be the creation of standards for mobile money transfer, mobile payments and related services. This collaboration will allow carriers and financial institutions to deploy mobile payments more rapidly and limit market fragmentation. Standardization also benefits consumers by promoting interoperability among carriers and institutions, ensuring a consistent and reliable experience and promoting faster adoption of the technology.
“The market is clearly ready for mobile payments and, importantly, the GSMA believes that Visa is well positioned to help us drive the adoption of financial services on mobile devices globally,” said Bill Gajda, Chief Commercial Officer for the GSM Association. “Visa’s comprehensive mobile strategy, its extensive experience in enabling consumers to transfer funds across borders and domestically, combined with its flexible approach, were deciding factors in our selection of Visa as a provider for mobile money transfer solutions. We are excited to advance our partnership with Visa to enable the delivery of these services through the mobile channel.”