Visa Inc has closed its mobile payments venture in India , after leading telecommunication companies refused to sell their assets . 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 consortium 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.