STAFF REPORT IBD: Visa, through its fully owned arm Fundamo, is planning to launch a new mobile financial platform in Pakistan, with which customers will be able to make their transactions through mobile phones with the same visa card that will be lent to them by the banks.

Fundamo – which earlier this year had partnered with Dhabi Group owned Monet to enter Pakistani market – will launch this visa cards by just using card number and the PIN.

“Customers will not have to get their cards swapped, instead they will be able to make their transactions through mobile phones,” said an official of the company while commenting on this initiative.

He said that this visa card will use the same VisaNet technology – a retail electronic payments processing network – which is already handling an average of Rs. 150 million transactions every day.

The customers simply with a Visa Card will be offered all these mobile financial services  by default on top of conventional banking services.

The product will be launched after banks and telecom operators integrate their infrastructure to support the platform, “Visa is ready to market the product, it has the full backing of the central bank as well,” maintained the official.

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