Partnership with Telefonica and VisaNet Peru Underscores Growing Demand for Electronic Payments and Services in Latin America
SAN FRANCISCO & BARCELONA, Calif.--(BUSINESS WIRE)--Jun. 23, 2009-- Visa Inc. (NYSE: V), the global leader in payments, announced the start of a mobile payment program in collaboration with VisaNet Perú and Telefónica. Pago Móvil con Visa (Visa Mobile Pay) is a new service that allows Visa cardholders in Peru to pay for products and services by simply initiating a payment over the wireless network. The service is available to Visa accountholders with credit or debit cards issued by Banco de Crédito, Interbank, BBVA Continental and Scotiabank in Peru.
Visa’s first commercial mobile payment program in Peru, announced today from the second annual GSMA Mobile Money Summit in Barcelona, is the first program of its kind in Latin America. Initially, Visa account holders will be able to use their mobile phone to pay for cab fares and send flower arrangements, as well as to top up their wireless prepaid account. Other merchant segments are scheduled to be added, such as deliveries of pharmaceutical products, gas distribution and catalog orders.
“We are reaching a milestone in the payment industry in Latin America,” said Jurgen Wassmann, Head of Emerging Products and Channels for Visa Inc., Latin America and Caribbean Region. “Visa is bringing the future of payments to Latin America with a technology that makes consumers’ lives easier by allowing them to pay anytime, anywhere, and in a way that is both simple and convenient.”
Pago Móvil con Visa is particularly appealing to merchants in remote regions and to mobile businesses with no access to a wired telecommunications infrastructure. The service enables merchants to accept electronic payments via the wireless network, eliminating the need for a traditional (wired) payment terminal. VisaNet Perú, the acquirer of Visa credit and debit payment transactions in Peru, is overseeing the implementation of Pago Móvil con Visa.
From Trial to Commercialization
“Consumer demand for secure, efficient access to mobile financial services is on the rise globally,” said Tim Attinger, Global Head of Product Development for Visa Inc., during his keynote address at the Mobile Money Summit in Barcelona. “We are reaching a tipping point where our early efforts in testing mobile payment technology around the globe have begun to drive mobile commerce from tests into full commercial deployment.”
The launch of Pago Móvil con Visa comes just weeks after the launch of the world’s first commercial Visa mobile payments service for point-of-sale transactions using Near Field Communications (NFC) technology. The program was announced jointly with Maxis, the largest wireless carrier in Malaysia, with more than 11 million subscribers; Nokia, the world’s leading handset manufacturer; and Maybank, a leading financial institution in Malaysia. The service launch marked the first time consumers can purchase a NFC-enabled mobile device at a wireless store, and use that device to make payments at the point-of-sale instead of swiping a traditional payment card.
Visa is bringing its expertise in payments to the wireless industry and is actively collaborating with wireless network operators, financial institutions, handset manufacturers, platform and technology providers. Visa’s mobile strategy is to extend the reach of its global network to bring mobile financial services to consumers in both emerging and developed economies. The company already provides mobile payments and related services through partner carriers and financial institutions on five continents.
About Visa Inc.: Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.
Source: Visa Inc.
Elvira Swanson, 415-932-2564