Visa Hiring Mobile Services Expert to Develop P2P Transfers
- On 5 October, Visa announced having hired mobile payment specialist Gavin Krugel. This new move should provide for the development of a P2P funds transfer solution. The group explains this initiative should help non-banked people access financial services through using their cell phone.
- Gavin Krugel, former senior director at the GSMA specialises in financial inclusion issues. He will be joining Visa’s recently purchased Fundamo division to work on this project.
- Visa is mostly working on formerly inaccessible markets and intends to reach non-banked customer in emerging Asia-Pacific, Central Europe, Middle Eastern and African countries.
- In March 2011, Visa had also set up partnerships with Fiserv and CashEdge to the benefit of mobile P2P funds transfer solutions for targeted US customers.
- This recruitment confirms its ambitions, as announced in spring 2011. This is the second phase of its enterprise to conquer non-banked populations with its mobile-enabled universal e purse. This new move provides it with the opportunity to target a potential market of 2.5 billion people worldwide (88% of whom are based in emerging countries).