Following Visa Europe’s six year build and EUR0.5bn investment in a new European inter-bank processing service, this agreement will leverage this platform and accelerate the development and commercialization of large scale mobile payments and services.
The exclusive partnership gives Visa Europe a license to Monitise’s mobile technology.
Monitise will act as an advanced development engine for Visa Europe, enabling it to provide its member banks with a rapid go to market mobile payments service in Europe.
Initially this will include the development of Visa Europe’s mobile platform for mobile contactless payments, mobile alerts and person to person payments followed by account management, loyalty applications and mobile e-commerce.
Visa Europe chief executive Peter Ayliffe said this agreement now places Visa in an undisputed position to deliver mobile services with incredible scale and processing efficiency in the mobile arena, enabling Visa Europe’s member banks to offer mobile payment services direct to their customers – consumers and retailers.
Monitise CEO Alastair Lukies said this deal is a major step forward in Monitise’s relationship with Visa Europe. Mobile banking and payments users with smartphones check their accounts on average 16-18 times a month, three times more than via internet banking.
"We are honored by this exclusive partnership with Visa Europe, which will help consumers benefit from growing mobile money innovation," Lukies said.
