According to a report, Visa’s subsidiary Fundamo, which is a platform provider of mobile financial services for MNOs and financial institutions in developing economies, is on the verge of launching a mobile financial services platform in Pakistan.
Moreover, the product looks set to incorporate retail electronic payments processing network VisaNet technology as well as function on ‘interoperability model’.
“It is different from 1Link in the sense that one doesn’t need to go to an Automated Teller Machine or a Point of Sale for a transaction,” a source said. “It’s not specific to a particular bank or a cellular service provider, all you need is a Visa card,” he said.
“One can use the information on his Visa card – the security code for example – and complete the transaction from his mobile phone,” he added.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.