mobile payments facility which operates in 40 countries, mostly in Africa--for US$110 million, a company it plans to use to deploy mobile payment systems throughout emerging markets.
Fundamo has partnered with a microfinance wholesale bank, Bank Andara, in Indonesia and is in the process of rolling out a mobile payment system in the country using pre-paid Visa accounts.
Buse says this programme is targeted at customers outside the major branch networks of Indonesia's banking system, predominantly people in the "bottom half" of the wealth pyramid.
"Mobile, we believe, will be the way that electronic payments are brought to the majority of these populations," she said.
"The rate of adoption though remains to be seen but we do think there will be a leapfrog in a number of these markets where the traditional infrastructure won't be there."