Visa announced an acquisition as well as a long-term commercial agreement Thursday, both aimed at expanding mobile options.
The payments technology giant said it has agreed to acquire South-African based Fundamo for $110 million in cash. Fundamo has a platform that enables the delivery of mobile financial services to unbanked and under-banked customers around the world, including person-to-person payments, airtime top-up, bill payment and branchless banking services. The combination will reach mobile financial services subscribers across Africa, Asia and Latin America.
) also signed a new commercial agreement with Monitise to expand delivery of mobile financial services to banked Visa account holders in conjunction with its financial institution partners.
Monitise's expertise in customizing mobile applications for a broad range of phone models and operating systems enables Visa to virtualize existing accounts on mobile phones and offer a new array of payment types. Terms of the deal were not disclosed.
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