Visa Inc., a global payments technology provider, has decided to launch its own Mobile Financial Services (MFS) in Pakistan in the next year. The product, using VisaNet’s technology and working on the “interoperability” model will enable users to send and receive payments through their mobile phones.
Visa’s Country Manager for Pakistan and Afghanistan, Kamil Khan informed the media that the company was working with telecom operators and banks and that the product would be launched early next year or by the end of 2014. Since a single Mobile Point of Sale machine (mPoS) was priced at around $350, the process required huge investment for deployment in rural areas. Visa was said to be working with the Telcos and banks to provide
Visa covers more than 200 countries globally and its huge infrastructure manages 24,000 transactions per second. During its fiscal year ending March 2013, Visa transacted over $6.5 trillion making it the world’s largest retail electronic payments network.
As we covered in a previous article, the wholly-owned subsidiary of VisaNet, Fundamo was expected to launch the MFS services in Pakistan and that State Bank of Pakistan had approved of the project.
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