Visa is set to launch its own mobile financial services platform in Pakistan. The product will use VisaNet technology and function on an ‘interoperability’ model – a first in Pakistan’s mobile banking market.

Platform provider Fundamo, a wholly-owned subsidiary of Visa based in Cape Town, South Africa, will launch the solution.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

A Visa spokesperson close to the development said the model won’t be "specific to a particular bank or a cellular service provider, all you need is a Visa card".

Customers will use information from their Visa card – the security code for example – to complete transactions from their mobile phone. Initially Visa will offer all mobile banking transactions currently in place. Later on, it will introduce more features.

According to the Visa spokesperson, the product will be launched soon: "Visa is ready to market the product, it has the full backing of the central bank as well".

Visa entered Pakistan’s mobile banking segment earlier this year after Fundamo partnered with Monet to provide a MFS platform for Warid Telecom and Bank Alfalah’s mobile banking solution. The company’s interest for further expansion comes on the back of recent growth in mobile banking.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to Fundamo CEO Hannes van Rensburg "the Pakistani mobile financial services market is one of the most successful in the world".

Rensburg attributed this to "the vast number of people with mobile phone subscription but without access to financial services".

Despite increased adoption and use, the majority of Pakistanis remain unbanked. According to the State Bank of Pakistan, only 12% of the population has access to formal financial services today, whereas mobile penetration is nearing 70%.

"This means that there is still enormous scope for growth in the market," Rensburg said.

Mobile banking has managed more than 31mn transactions worth $1.5bn in the last quarter of 2012, according to the State Bank of Pakistan.

Related Articles

Movida: New m-payment platform in India