Visa Mobile
Combining mobile communications and electronic payments holds the promise of democratizing financial services for billions worldwide, putting secure, reliable and convenient mobile payments and financial services in the palm of one’s hand.
Global Shift to Digital Payments
The convergence of the Internet and mobile technologies are creating new demands for electronic payments. Today, consumers want the ability to easily pay online, via mobile phone or in social networking/gaming environments. Similarly, merchants are looking to payments companies to provide the innovation and leadership needed to keep pace with these rapid developments. From creating one of the first general-purpose credit cards 50 years ago to introducing a new service, V.me by Visa, designed to work in any commerce environment, Visa continues to innovate in ways that improve the everyday lives of people globally.
In Emerging Markets
Nowhere is this more apparent than in developing economies where mobile penetration outpaces bank card availability. Using existing mobile devices to access and transfer funds, make payments, pay bills or top-up wireless air time, mobile financial services represent a “leapfrog” technology in these underserved regions.
Fundamo
In 2011, Visa acquired Fundamo – which provides a mobile money platform that enables financial institutions and mobile network operators in more than 40 developing countries to offer mobile subscribers basic financial services – including person-to-person payments, top-up wireless airtime services, and mobile bill payments. Fundamo extends the reach of Visa’s network, payments products and services to unbanked and under-banked consumers in developing economies that enjoy a high degree of mobile adoption but lack traditional electronic payments infrastructure. Visa’s acquisition of Fundamo has created a best in class, bank-grade, mobile payments platform that benefits consumers, merchants, financial institutions and mobile network operators in developing countries.
Visa Mobile Prepaid
Today, as we continue to expand our business globally, we have a tremendous opportunity to deliver new payment products to meet the unique needs of unbanked and under-banked consumers in developing countries. In 2011, as a result of the integration of Fundamo’s mobile payments platform with Visa’s global payment network, Visa launched a new Visa prepaid account that can be accessed through a mobile phone. The new product is offered to mobile subscribers in developing countries; it significantly enhance the functionality of existing, closed-loop mobile money services by making them interoperable with Visa’s global payment network.
The result is a new Visa product that continues to offer the benefits of a closed-loop payment service (cash-in/out, person to person transfers, bill payment) while at the same time providing consumers a payment account that offers Visa’s high standards of security, reliability and global interoperability.
And Beyond
In developed economies, Visa and its partners are delivering mobile services that enhance the consumer payment experience and provide mobile access to existing credit, debit and prepaid accounts. Services already available in developed countries include mobile payments at both the physical point of sale and on the mobile web, merchant offers tailored to the customer’s lifestyle and geographic location, and transaction alerts instantly delivered via SMS text message.
Mobile Payments
- Visa payWave – Visa’s mobile payment application transforms mobile phones into payment devices, enabling consumers to pay by simply waving their smartphone in front of a wireless payment terminal. Visa payWave is compatible with NFC (Near Field Communication) technology, the short range communications standard that enables mobile phones to securely transmit payment information to a contactless payment terminal.
- Mobile eCommerce – Visa is simplifying the consumer purchase experience when shopping on the mobile web using a smartphone. V.me by Visa, Visa’s new service, V.me by Visa, simplifies the check-out experience on the mobile web allowing consumers to complete transactions by simply entering user name and password and completing purchases with a single click.
- Mobile Transaction Alerts – Visa Near real-time alerts directly delivered via SMS text to a cardholder's mobile device. Alerts are based on user-set transaction parameters such as transaction size, international transaction or eCommerce transaction.
- Mobile Merchant Offers — Opt-in promotional information and mobile coupons based on consumer interests, location and lifestyle. Consumers are able to redeem mobile offers linked to their Visa account by simply presenting a SMS text message on the mobile device.
