Payment processor Visa has launched a mobile banking product to serve consumers in developing nations. The company said that its Prepaid Mobile offering will provide an open platform for existing mobile money systems.
A new MVNO has launched in the UK, targeted exclusively at the African migrant community, claiming to be the first player to launch prepaid mobile credit transfer over SMS between the UK and Africa. The service effectively allows African callers to reverse charge calls to the UK.
UK cellco O2 recently announced that it is entering the personal-finance sector with the launch in August of two prepaid Visa cards in conjunction with NatWest bank. In a press release issued by O2, a NatWest executive is quoted as saying that these “groundbreaking” cards will “really raise the bar in terms of the added value customers will get from the interaction with their mobile phone.”
Telefonica’s UK mobile operation, O2, has pushed into the financial services space, teaming up with bank NatWest to launch a prepaid debit card.