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Monitise joint venture to deliver mobile marketing and payments network

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Mobile Money service provider, Monitise says that it is creating a new joint venture company with Best Buy Europe and the personal backing of Charles Dunstone, founder of The Carphone Warehouse. Monitise will hold 40% ownership in the venture which has been created following previous discussions in December 2009.

The new company will launch in 2011.

Charles Dunstone said: "Every year we see hundreds of exciting ideas in the space of mobile shopping, banking, payments and marketing, but what is required is a central, independent and trusted network to make it come alive. We believe we have the track record to play this role."

In addition, Best Buy Europe will not only become the first retail partner but also make an investment in the venture as part of its belief in the growth of mobile commerce over the coming years.

The Mobile Money Network will make further announcements over the coming weeks and is already working with a large number of high street brands and financial service providers.

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Tags: monitise  best buy  charles  dunstone  europe  UK