Visa Rings Up Fundamo for $110 Million
Visa today announced that it has purchased a mobile finance company called Fundamo. Fundamo, which is based in South Africa, provides mobile financial services to unbanked and under-banked consumers. Some of its options include person-to-person payments, airtime top-ups, bill payments, and branchless banking services. Visa will use Fundamo's systems to help it deliver banking services where it traditionally doesn't have any reach. The purchase makes clear Visa's commitment to mobilize its banking services. Visa recently announced a mobile payment partnership in the U.S. with Sprint and Google.
Android Pay Rings Up Chase In the US
Google today said Chase has agreed to support Android Pay on Android smartphones and other devices. Starting immediately, Chase customers can add their eligible Chase Visa debit/credit card to Android Pay and make tap-and-go payments wherever Android Pay is accepted.
Google Launching Android Pay Today
Google said it is making Android Pay, its reborn mobile payment service, available to Android handsets beginning today. The app will be pushed to small batches of users over the next week, according to Google.
Visa to Use Phone Location to Verify Card Purchases
Visa says it is offering banks a new smartphone-based tool that will cut down on the number of declined transactions when people use their credit cards abroad. The service, called Mobile Location Confirmation, is opt-in and uses phone location to verify the cardholder's presence at or near the point of sale.
Zelle Promises Quick P2P Payments Via Mobile Banking Apps
Many of today's popular mobile banking apps will soon support a rapid person-to-person (P2P) payment feature through a new service called Zelle. Zelle, developed by Early Warning Systems, is supported by more than 30 of the nation's largest banks for sending funds from one person to another.