Visa to offer mobile payment solution in India

Visa has announced it will bring a mobile payment platform to India, following the launch in Africa.

Bill Gadja, head of mobile product at Visa launched the service at Mobile Asia Congress.

2.5 billion people around the world have a mobile phone, but don't have access to financial or banking services and Visa is looking to shift this so everyone can access banking.

Gadja said there are more than 100 closed loop mobile finance systems that allow people to make payments to other people, take cash out or pay for products and bills on their mobile.

After Visa acquired Fundamo, responsible for 40 per cent of closed loop systems, Visa implemented its security and knowledge to produce a collaborated solution that will allow you to have a virtual bank account, whatever device you have.

There's also the ability for a company to pay its employees via mobile payments - the opportunities are pretty limitless.

Although Visa didn't reveal a release date of its solution for the Indian market, it is the next country for rollout, alongside Indonesia.