Visa has bagged two new deals aimed at customers outside the US in order to beef up its stake in mobile banking, the company announced.
According to a statement by the company, it is going to acquire Fundamo, a South Africa based company which specialises in making mobile banking software, for $110 million; it has also reached an agreement with Monitise, an IT firm in UK, to provide more services to Visa's debit and pre-paid customers, such as account top ups in international markets.
While the deal with Fundano has been made with the view of extending the company’s support for mobile banking customers in Asia, the Middle East and Africa, the agreement with Monitise will allow it to come up with new offerings for customers in India, Mexico, Russia and Brazil.
“These deals will add significantly to Visa’s ability to extend payment services to the underbanked around the world,” said Bill Gajda, Visa’s head of mobile banking, The Financial Times (opens in new tab) reports.
Mr. Gajda also revealed that while there are more than 2 billion mobile users all across the world, many of them do not have access to any type of traditional bank accounts, feeding the need for mobile payments. “That is the opportunity we are targeting,” he said.