Visa Inc has closed its mobile payments venture in HDFC, after leading telecommunication companies declined to share their networks. Movida, a mobile payments joint venture backed by Visa and Monitise, has closed down as a result. Visa had already gained support from ICICI and India, HDFC’s largest banks to launch the project nationwide, but failure to secure backing from the telecoms companies make these agreements redundant.
Visa Inc has closed its mobile payments venture in India, after leading telecommunication companies declined to share their networks. Movida, a mobile payments joint venture backed by Visa and Monitise, has closed down as a result. Visa had already gained support from ICICI and HDFC, India’s largest banks to launch the project nationwide, but failure to secure backing from the telecoms companies make these agreements redundant.