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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Alleged Weiner nude photo released by radio hosts 12:55am EDT Citi says hackers access bank card data 7:17am EDT Record exports temper slowdown fears 11:41am EDT Regulators pressuring banks after Citi data breach 11:01am EDT Taxes on the menu in debt-reduction talks 3:25am EDT Discussed 75 ”The world is getting warmer”: Romney 70 Moody’s sounds alarm over U.S. debt limit and deficits 68 U.S. debt default unimaginable, creditors say Watched Bodypainters apply their skill Mon, Jul 19 2010 Obama leads Republican rivals in Presidential poll 9:30am EDT Four-year-old takes art world by storm Mon, Jun 6 2011 small business Talent search favors tech giants Recruiters say the Web 2.0 hiring boom, which counters nationwide unemployment above 9 percent, shows no sign of abating. And startups are having to be very creative to lure potential hires away from Google and other tech giants. Full Article Silicon Valley recruiter: "Everyone's desperate" 5 reasons to join a startup after graduating Visa inks deals for mobile payments push Tweet Share this Email Print Related News UPDATE 3-Delay of debit fee cap fails in U.S. Senate Wed, Jun 8 2011 Senate rejects plan to delay debit fee cap Wed, Jun 8 2011 Rep Frank backs delay in debit card fee cap Wed, Jun 8 2011 Debit card fight coming to Senate floor Tue, Jun 7 2011 Nokia on the ropes as analysts slash targets Wed, Jun 1 2011 Analysis & Opinion Tech wrap: Apple “spaceship” to tackle “weed” problem Deals wrap: Bid for ING Direct USA Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » Media » Visa credit cards are displayed in Washington October 27, 2009. Credit: Reuters/Jason Reed Thu Jun 9, 2011 8:28am EDT (Reuters) - VISA Inc said it will acquire South African firm Fundamo for $110 million, and announced a five-year agreement with UK-based Monitise Plc, as it looks to grow its new technology-enabled payments business. Payment processors -- such as Visa and rival Mastercard -- have been increasingly looking for growth through new gateways, including mobile phones and the Internet, faced with a saturated U.S. market for credit and debit cards. Competition in the sector is heating up with telephone companies, bank majors and technology giants jostling for a piece of the pie. Last month, Google Inc, Citigroup, and Mastercard came together to enter the pay-by-phone system. The Fundamo acquisition will help Visa, which operates the world's largest credit and debit card processing network, grow its mobile phone-based payment services in developing markets across Africa, Asia and Latin America. It said the deal would hurt its earnings per share slightly for the year ending September 2011. Fundamo Chief Executive Hannes van Rensburg and the its management team will continue with the company. The deal with Monitise will help Visa expand the delivery of mobile financial services to its account holders both in the U.S. and outside. With the agreement -- under which Monitise would get minimum annualized revenues of more than $10 million in the first three years, and potentially more in the last two -- Visa furthers its ties with the company. It already owns about 14 percent of Monitise according to Thomson Reuters Data, and has a joint venture with it to develop mobile banking technology for the fast-growing Indian market. Visa's shares closed at $76.71 on Wednesday on the New York Stock Exchange. Shares of Monitise were up almost 7 percent at 27.95 pence at 1220 GMT on Thursday on the London Stock Exchange. (Reporting by Jochelle Mendonca in Bangalore; Editing by Joyjeet Das) Technology Deals Global Deals Data 2011 Q1 Inflows Outflows Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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