Visa bullish on mobile commerce

Visa has agreed to pay $2 billion for electronic payment and risk management services provider CyberSource, reports Internet Retailer.

CyberSource plays a role in processing nearly 25% of all e-commerce dollars transacted in the US, serving more than 295 000 merchants.

As part of the deal, Visa hopes to solidify its position in e-commerce and mobile commerce; two fast-growing retail channels.

Electronic payment services provider MasterCard has identified India as an important market for the company, states India Journal.

CEO-designate Ajay Banga says India is an important market with enormous opportunities for the company and it will focus on developing solutions for e-commerce and mobile commerce.

MasterCard processes over 22 billion transactions in a year and had a profit of $1.5 billion on revenues of $5.1 billion for 2009.

The Toronto Transit Commission is set to deploy an open payment system that allows commuters to use credit or debit cards, and even cellphones to pay their transport fares, says IT Business.

The commission says a prepaid card will also be available for riders who prefer not to use their personal cards.

However, Rob Burbach, senior analyst at IDC Financial Insights, warns the system will result in tax payers paying more for the electronic system.