Visa to buy Fundamo for $110 mn

CALIFORNIA, USA: Visa Inc , the world's largest credit and debit card processing network, said it would buy Fundamo, a South African mobile financial services firm, for $110 mln in cash.

The company said the acquisition would hurt its earnings per share slightly in the year ending September 2011.

The company also signed a new, long-term commercial agreement with Monitise Plc , a provider of mobile money solutions for financial institutions