"India is going to be the Visa's flagship market for mobile payments service, said Visa's Global Mobile Product head Bill Gajda.... Movida [is a]  mobile payment ... joint venture with Monetise, a technology company for mobile payments service... [Visa] bought Fundamo ... a software provider with a licence in mobile payment technology to mobile operators and banks. ... operators and banks ... set up their closed loop mobile payment systems that usually use a phone number as a stored value account on a very basic handset."