www.WirelessFederation.com/news: To develop Mobile banking services in India, Visa Inc. and London-based Mobile Financial Services company Monitise PLC have entered into a joint venture. The business arrangement is expected to be completed in June and under the agreement, a system for financial services providers in India will be developed to accelerate the delivery of mobile services such as banking, bill payment, and mass transit ticketing.

Financial institutions, mobile network operators and technology providers, including Monitise have been partnered by Visa over the past two years, to extend Mobile Banking to more consumers in more countries. 200 banks and financial institutions in the United Kingdom and United States are served by Monitise to deliver mobile banking and payment services to over 2 million registered users.

According to Visa spokeswoman Elizabeth Buse, creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700 billion of annual consumer spending from cash to electronic forms of payments.