Visa Inc. said Wednesday that it is forming a joint venture with Monitise PLC to develop mobile banking technology for India.

The venture, which is expected to begin next month, would provide mobile banking, bill payment, transit fare and mobile top-up services to financial companies and carriers in India.

"Creating this joint venture … can help expand the acceptance of digital currency in India," Elizabeth Buse, Visa's group executive for its international business, said in a press release. "Visa and Monitise can provide banks and mobile network operators in India the scale, security, and reliability required to make mobile money a reality."

Visa purchased a minority stake in Monitise in June of last year.

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