BENGALURU: As the technology is engrossing the banking sector, day to day physical transactions in banks are gradually vanishing. Transfer of funds, deposit of money and requesting for new cheque books are now dominated by either the E-banking or the M-banking. Hence, payment companies are shifting their concentration on the relative transactions, as reported by the ET.
Visa, one of the most popular and commonly used multinational payment firms in the world, has now decided to scrap its payment project in India. ‘Movida India’ is the company that was formed by the Visa jointly ventured with the UK based company Monitise Plc, five years ago.
Visa apprehended the transformation of physical transaction to M-transactions a bit early, hence the Movida India was established in order to develop a comprehensive platform for the banks. Movida eventually succeeded, as the expected program based on the Monitise was developed. However, surprisingly, the Visa has hand-down the project by shutting down its sister company.
Visa had eventually tied up with some of the nationalized Banks like HDFC and ICIC, had anticipated to enlarge its customer base with the project. But its all efforts of seeking permission form the Government and the Reserve Bank of India to mine the Unstructured Supplementary Service Data (USSD) channel of the telecoms have been denied by the government.
The USSD is a simple text messaging system, that can be used by any mobile phone users who has subscribed to their banks for balance inquiries, transfer fund, pay bills and other banking ideas.
However, telecom service providers have refused to share the USSD with Movida and thus the Visa has announced the shutdown of the Movida India.
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