Visa Europe ups Stake in Monitise, Inks Deal to Increase Banks’ Mobile Money Tools (March 6, 2013)
March 6, 2013
Visa Europe is deepening its relationship with Monitise plc with a new deal to expand mobile payments and mobile commerce services to 3,000 European banks across 36 countries and a commitment to increase Visa Europe’s existing stake in London-based banking and mobile payments provider Monitise, the companies announced today. Visa Europe will roll out more of Monitise’s technology to its member banks as part of a three-year commercial agreement that guarantees Monitise will receive at least $59 million if it achieves “certain user-generated thresholds” as more bank customers adopt usage of Monitise’s Buy Anything, Bank Anywhere, Pay Anyone mobile services. Visa Europe also plans to expand its existing 7.5 percent investment in Monitise by an additional $23.5 million with the option for further investment at a later date.
Monitise, a strategic partner of both U.S.-based Visa Inc. and Visa Europe, has been working with Visa Europe since February 2011, the companies said. Monitise significantly expanded its U.S. footprint with its March 2012 acquisition of mobile banking and payments company Clairmail Inc. This week’s deal ensures that financial institutions will remain “at the center” of the mobile payments landscape, said Steve Chambers, Visa Europe’s chief information officer.
Monitise’s various mobile money services are designed “to help consumers bank anywhere, pay anyone and buy anything” from a mobile handset, said Lee Cameron, Monitise’s chief commercial officer.
