The mobile financial services community is celebrating the tenth anniversary of mobile money. The first ever mobile financial service was launched in Zambia in 2002. It was launched by Celpay, and powered by Visa-owned Fundamo. The service was the first in a movement that has fundamentally transformed the way unbanked and under-banked people in developing nations use financial services.
Financial services firm Visa Europe has said it will launch the V.me digital wallet on a controlled basis in the UK, France and Spain in the autumn of 2012.
Financial institutions like Visa have spent the last 20 years laying the rails for international payment systems. Visa is now leveraging those frameworks to mobilise the commerce experience.
Financial services provider Visa Europe said Wednesday that it intends to take a 15 per cent stake in the Mobile Money Network (MMN) – a joint venture between Monitise, Best Buy Europe and Carphone Warehouse, and telecoms entrepreneur Charles Dunstone (as a private investor).
The carrier is offering Orange Money subscribers in the region applications such as person to person transfers, bill payments, and agent-based cash-in and cash-out services for loading or withdrawing funds.
Payment provider Visa has announced the launch of launch of mobile services that allow financial institutions to offer their account holders the ability to monitor account history and balances, transfer funds between accounts, and receive near real time transaction alerts on their mobile devices.
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.
Financial services provider Visa Europe has invested £24.7m in mobile payments platform Monitise, giving the latter a greater European presence. Monitise is also consolidating its position in the US by buying out its partner in its US operation.
It’s hard to escape the mobile money land grab at the moment. In the last few weeks I’ve written the word ‘m-wallet’ more than ever before in such a short time. But while the players involved say there’s enough pie to go around, it might not be to everyone’s taste.
UK carrier O2 has announced the companies it will be partnering with to deploy its mobile wallet service in the second half of 2011. O2, the UK arm of Spanish incumbent Telefónica, said it would be working with Wave Crest, FIS, Intelligent Environments and Visa Europe.
A step in the right direction but does it go far enough?
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Over The Top providers have become the staple wildcard in almost any sector set on a collision path with mobile. By and large they are very good at what they do: connecting a user with their chosen content or service by whatever means available.
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