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Visa, Monitise join hands to boost VAS market in India
By siliconindia
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New Delhi: Currently, the value added services market in the country is valued at 
65 billion and it represents about nine to 10 percent of the total revenues for telecom operators. To boost this fast growing market, Visa and Monitise join hands to offer a technology platform for telecom operators and financial institutions to provide an array of mobile financial services to the end-users.
Through this joint venture the annual consumer spending on financial services, $700 billion, will be converted from cash to electronic payments. The platform will provide delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others. The joint venture builds on an existing partnership between Visa and mobile financial services firm Monitise.
"Creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700 billion of annual consumer spending from cash to electronic forms of payments," said Elizabeth Buse, Group Executive, International, Visa.
She said Visa and Monitise together can provide banks and mobile network operators in India the scale, security and reliability required to make mobile money a reality for consumers.
"This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single, secure and convenient link to offer a wide range of services via a mobile device. India's mobile market offers tremendous growth opportunities for this joint venture and for our customers," said Alastair Lukies, CEO, Monitise.
The joint venture transaction will be undertaken in accordance with applicable laws and is expected to close in June. Both shareholders will be contributing resources to the joint venture and an outstanding local team of experts in their fields is being put together.
India is world's second largest mobile market with an estimated 584 million mobile phone subscribers as of March 31.
65 billion and it represents about nine to 10 percent of the total revenues for telecom operators. To boost this fast growing market, Visa and Monitise join hands to offer a technology platform for telecom operators and financial institutions to provide an array of mobile financial services to the end-users.
Through this joint venture the annual consumer spending on financial services, $700 billion, will be converted from cash to electronic payments. The platform will provide delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others. The joint venture builds on an existing partnership between Visa and mobile financial services firm Monitise.
"Creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700 billion of annual consumer spending from cash to electronic forms of payments," said Elizabeth Buse, Group Executive, International, Visa.
She said Visa and Monitise together can provide banks and mobile network operators in India the scale, security and reliability required to make mobile money a reality for consumers.
"This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single, secure and convenient link to offer a wide range of services via a mobile device. India's mobile market offers tremendous growth opportunities for this joint venture and for our customers," said Alastair Lukies, CEO, Monitise.
The joint venture transaction will be undertaken in accordance with applicable laws and is expected to close in June. Both shareholders will be contributing resources to the joint venture and an outstanding local team of experts in their fields is being put together.
India is world's second largest mobile market with an estimated 584 million mobile phone subscribers as of March 31.