The new company will combine Visa’s expertise in enabling secure interoperable financial transactions with Monitise’s know-how in developing mobile financial technology.
The joint venture builds on an existing partnership between Visa and Monitise, and will give providers of financial services in India a platform to accelerate the delivery of mobile financial services such as banking, bill payments, mass transit ticketing, mobile top-up and others to consumers. India is the world’s second largest mobile market with an estimated 584 million mobile phone subscriptions as of 31 March 20103.
The joint venture transaction is expected to close in June 2010. Both shareholders will be contributing resources to the joint venture.
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