According to a recent report by Express Tribune, Global payments technology company Visa is soon going to launch its own mobile financial services (MFS) platform in Pakistan.
For the first time in Pakistan’s mobile banking market this product will use VisaNet technology and function on ‘interoperability’ model.
VisaNet is the world’s largest retail electronic payments processing network, handling an average of 150 million transactions every day, according to the company’s website. Fundamo, a wholly-owned subsidiary of Visa based in Cape Town, South Africa and a leading platform provider of mobile financial services, will launch this solution.
Visa’s country head refused to share the product’s details, but an official close to the development said its operational model would be similar to 1Link, Pakistan’s largest interbank payment network service provider.
The official further added:
It is different from 1Link in the sense that one doesn’t need to go to an Automated Teller Machine or a Point of Sale for a transaction. It’s not specific to a particular bank or a cellular service provider, all you need is a Visa card. One can use the information on his Visa card, the security code for example and complete the transaction from his/her mobile phone. In the beginning, Visa will offer all mobile banking transactions currently in place. Later on, it will introduce more features.
Visa is ready to market the product, it has the full backing of the central bank as well, once the banks and telecom operators integrate their infrastructure to support the platform, the product will hit the market. In this regard Warid and Telenor have recently upgraded their networks.
Visa entered the mobile banking segment earlier this year after Fundamo partnered with Monet to provide MFS platform for Warid Telecom and Bank Alfalah’s mobile banking solution. The company’s interest for further expansion comes on the back of a strong growth mobile banking has recorded recently.
Mobile banking has managed more than 31 million transactions worth $1.5 billion in the last quarter of 2012, according to the State Bank of Pakistan.