Monitise and Visa in Strategic Alliance
Mobile money specialist Monitise has entered into a strategic global alliance with Visa International, a subsidiary of Visa Inc., the world's largest retail electronic payments network.
The five-year agreement, worth $13 million in addition to ongoing licence, service and development fees, combines Visa's reach, payments expertise and trusted brand with the Monitise Mobile Money platform and toolkit.
Monitise will be a strategic development partner for Visa's suite of mobile services, including payments, mobile money transfer, mobile transaction alerts and mobile marketing offers to support Visa's mobile strategy to extend the reach of its global network to the more than 4 billion mobile devices around the world.
Visa is the world's most trusted, inclusive and innovative payments network, says
Monitise CEO, Alastair Lukies. This alliance validates our unwavering commitment to building truly accessible, inclusive and reliable services over the past seven years. It is a landmark announcement in the mobile payment space and we are excited to collaborate with the world's foremost payments company to accelerate the convergence of payments services and mobile devices.
Monitise creates mobile banking networks that enable customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset.
The company has live services in the UK and the US, where it has delivered the MONILINK and Monitise networks in partnership with VocaLink and Metavante Corporation respectively, and is currently working with international partners to deliver similar safe, secure mobile banking and payment services in territories worldwide. Current key partners include VocaLink, Metavante, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and 3.