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Visa Inks Deals for Mobile Payments Push

By REUTERS,June 9, 2011, (Reporting by Jochelle Mendonca in Bangalore; Editing by Joyjeet Das)


(Reuters) - VISA Inc said it will acquire South African firm Fundamo for $110 million, and announced a five-year agreement with UK-based Monitise Plc, as it looks to grow its new technology-enabled payments business.

Payment processors -- such as Visa and rival Mastercard -- have been increasingly looking for growth through new gateways, including mobile phones and the Internet, faced with a saturated U.S. market for credit and debit cards.

Competition in the sector is heating up with telephone companies, bank majors and technology giants jostling for a piece of the pie. Last month, Google Inc, Citigroup, and Mastercard came together to enter the pay-by-phone system.