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. The move comes just days before the government is expected to announce plans for an overhaul of India’s telecom sector that will see it split into two separate state-owned companies, one operating on 4G networks while another operates
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.