Visa, through its fully owned arm Fundamo, is planning to launch a new Mobile Financial platform in Pakistan, revealed a report published by Express Tribune.
Report said that Fundamo – which earlier this year partnered with Dhabi Group owned Monet to enter Pakistani Market – will launch visa cards with which customers will be able to make financial transactions through their cellular phones by just using card number and the PIN.
With such a service, customers will not have to get their cards swapped or to be available at point of sale physically, instead they will be able to make their transactions through mobile phones with the same visa card that will be lent to them by the banks.
These visa card will use the same VisaNet technology – a retail electronic payments processing network – which is already handling an average of 150 million transactions every day.
Service is not going to be bank or cellular operator specific, instead customers simply with a Visa Card will be offered all these mobile financial services by default on top of conventional banking services.
The product will be launched after banks and telecom operators integrate their infrastructure to support the platform, “Visa is ready to market the product, it has the full backing of the central bank as well,” the report said.
Via Express Tribune