Visa launched the first Visa product enabled by Fundamo, a mobile money platform it recently acquired. The new product, a Visa prepaid account that can be accessed through a mobile phone, offers consumers in developing countries a globally interoperable electronic payment account. Visa's recent acquisition of Fundamo, a mobile money platform in developing countries, and its integration into Visa, has created a globally interoperable mobile payment platform that can connect existing mobile money services with Visa's global payment network, VisaNet. The result is a new Visa product that allows financial service providers and mobile network operators to offer consumers a payment account that provides Visa's high standards of security, reliability and global interoperability, including payment security, payment functionality, transaction authorisation, clearing and settlement services. Developing countries in Africa, Asia and Latin America are among the first target markets for Visa's new mobile-based prepaid product. MTN Group, a telecommunications provider in Africa and the Middle East, plans to offer the new Visa product to MTN Mobile Money customers across its markets. As part of the launch, the new product will be available to customers in Nigeria and Uganda. MTN Mobile Money has been implemented in 12 countries. At 30 September, there were 5.7 million registered mobile money customers.
