Card brand Visa Inc. announced its new plug-and-play mobile money platform aimed at making it easier for financial institutions and mobile network operators around the world to offer mobile financial services to consumers. Built on technology Visa acquired when it bought mobile financial services provider Fundamo in 2011, the platformcan handle both domestic and international money transfers.

According to Visa, the new platform is the world’s first bank-grade managed service for mobile money. That means Visa can host and manage every aspect of a mobile money programs on behalf of FIs and MNOs. Along with providing MNOs and FIs a connection to Visa's global payment network, the new services include the full management of other aspects of a mobile money system such as customer management, enrollment, risk management and reporting. Services even include managing compliance with local regulatory and mobile regulation.

"As demand grows, so does the cost and complexity to maintain these services," said Bill Gajda, head of global mobile products at Visa. "Visa’s new mobile money platform is designed to allow mobile operators and financial institutions to focus on their core business, while leaving the management of their mobile money service to Visa."

Programs based on the new platform will be introduced first in Rwanda and India. Indian wireless provider Aircel has already announced its partnership with ICICI Bank of India. That program will be rolled out later this year.

"Aircel prides itself in offering its subscribers the most innovative mobile applications that meet the unique needs of consumers in India,” said Geoff King, Aircel head of mobile banking. "Through the Visa hosted and managed service, Aircel is now able to partner with local banks to offer our mobile subscribers access to money services that will simplify their financial lives."

King said the partnership with ICICI will offer customers the ability to send cash securely across the country, to top up their prepaid mobile accounts, and pay utility bills.

The program in Rwanda involves Bank of Kigali and Urwego Opportunity Bank. Customers of those FIs will be able to access a financial account linked to a mobile phone number. Services will include cash-in and -out transactions at agent locations, bill payment, remittances and air time top-up, Visa said.

Read more about money transfer/P2P.