Visa Europe and Visa have announced their plans to work with the GSMA, which represents the interests of the worldwide mobile communications industry, to advance the delivery of mobile financial services around the world.

As part of the continuing collaboration between the two organizations, the GSMA has selected Visa as a provider for mobile money transfer solutions globally, and is working to execute an agreement to formalize participation terms.

According to Visa, a key aspect of the collaboration between Visa and GSMA will be the creation of standards for mobile money transfer, mobile payments and related services. This collaboration will allow carriers and financial institutions to reportedly deploy mobile payments more rapidly and limit market fragmentation.

Elizabeth Buse, global head of product for Visa, said: By combining the world’s largest retail electronic payments network and the world’s most popular wireless technology, we can take Visa beyond the card to mobile handsets, a move that can help accelerate the deployment of mobile payment services. Beyond growing our business, enabling money transfer and payments on mobile handsets has the potential to make a profound difference in the lives of hundreds of millions of people worldwide.

Bill Gajda, chief commercial officer for the GSMA, said: Visa’s comprehensive mobile strategy, its extensive experience in enabling consumers to transfer funds across borders and domestically, combined with its flexible approach, were deciding factors in our selection of Visa as a provider for mobile money transfer solutions. We are excited to advance our partnership with Visa to enable the delivery of these services through the mobile channel.