Mobile banking specialist Monitise has unveiled a joint venture with Visa in India with a little help from UK chancellor George Osborne.
The former Morse spin-off has also signed a deal to develop mobile banking services in India with Standard Chartered Bank, with services expected to go live in the next year.
Chancellor Osborne was leading a government delegation to India along with Prime Minister David Cameron and foreign secretary William Hague.
He praised Monitise as an example of a UK business exporting its innovation and expertise overseas.
“India is renowned for its innovation and technology, and financial services sectors are enviable. So it is great to see an entrepreneurial and innovative UK company like Monisie exporting its skills and expertise to India and creating new, strong partnerships here,” Osborne said.
The joint venture between Monitise and Visa will initially offer balance inquiries, bill payments and ticket purchases such as train, airline, cinema tickets and electronic transfers.
Richard Johnson, group strategy director of Monitise, said: “For the full potential of mobile banking and payments to be achieved, banks, payments networks and mobile network operators have realised that they must come together in partnership and collaboration.”
This type of collaboration will revolutionise the way people manage their money, and the effects will be felt worldwide, Johnson claimed.
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