Telco Orange has signed a deal that enables it to incorporate Visa pre-paid accounts within its mobile money service for customers in Africa and the Middle East.
Orange Money is a mobile phone-based payment service launched in 2008 by the telco that sees it work with local banks to target underbanked customers in Africa and the Middle East. Now available in eight countries, it offers Orange subscribers person-to-person transfers, bill payments, and agent-based cash-in and cash-out services.
The new deal means that by the end of the year, customers in some markets will have Visa mobile pre-paid accounts integrated into their Orange Money accounts. Unveiled late last year the Visa product - based on technology from recently acquired specialist vendor Fundamo - lets account holders send funds to each other, send and receive international remittances, make purchases at merchants or online where Visa is accepted or withdraw funds at ATMs.
Jean- Paul Cottet, executive director, marketing and innovation, Orange, says: "By combining the convenience of Orange Money with the reach of Visa's global payment network, we can offer new payment capability to Orange Money customers in their home country and abroad."
John Partridge, president, Visa, adds: "Mobile technology has become one of the most important enablers of financial inclusion and its ubiquity is allowing mobile network operators, financial institutions, and Visa to connect financially under-served consumers to each other and the global economy."