Visa acquires Fundamo mobile payment service

Visa continues to gain ground in the mobile payments market with the acquisition of Fundamo, a service that is already prevalent in at least 40 developing markets.

Visa is continuing to gain ground in the mobile payments market with the acquisition of Fundamo, a service that is already prevalent in at least 40 developing markets.

Basically, the merger brings together Fundamo's mobile financial services platform, for customers with little to no access to a bank account, with Visa's global payments network, VisaNet. The gain for Fundamo users would be a higher level of security when making mobile payments, and Visa gets a bigger consumer base abroad.

Additionally, Visa reaffirmed an agreement with Monitise, which offers new services (i.e. mobile payments, person-to-person payments, mobile transaction alerts, etc.) to Visa account holders on mobile phone.

Read more of "Visa acquires Fundamo mobile payments service" at ZDNet's Between the Lines.

Tags:
Mobile
Visa
About the author

Rachel King is a staff writer for ZDNet, SmartPlanet, and CNET. She is based in San Francisco.

 

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