Mobile
Mobile may be the world’s first truly ubiquitous technology, with more than 4 billion mobile devices in market today. In many countries, particularly emerging markets, the number of citizens with mobile phones often far outpaces those with bank accounts. Because of the potential of mobile technology to address many of the traditional cost, infrastructure and feasibility challenges of providing financial services to the underserved, Visa believes mobile platforms, technology and payments have the potential to play a major role in reaching this community and helping them establish a place in the formal financial system.
Over the last few years, Visa has been actively engaged with financial institutions, wireless operators, handset manufacturers and technology providers to develop and test innovative mobile services. Visa is looking to harness new mobile technologies to advance our vision of extending the reach and benefits of our network to more people. There are an estimated 4 billion mobile devices worldwide, and 80 percent of the world’s population lives within range of a cellular network.
Mobile payments are a key component of our work in developing markets. For example:
- In India, Visa is working with its financial institution clients to offer money transfer, bill pay and mobile payments on the country’s broad network of mobile phones.
- In Brazil, mobile acceptance terminals have helped bring small merchants in the Visa network, reducing their reliance on cash and, ultimately, increasing their sales.
Visa also is playing a leadership role in sharing our payments expertise to benefit the underserved. Visa is a key participant in the GSMA’s “Mobile Money for the Unbanked” working group, an effort backed by the Gates Foundation and focused on expediting mobile access to financial services for the unbanked.
