Monitise and ViVOtech Partner to Deliver NFC Mobile Payments
Published on: 7th Dec 2010
Note -- this news article is more than a year old.
Mobile banking service provider Monitise says that it has joined forces with Near Field Communication (NFC) software developer ViVOtech to deliver mobile phone payments services to banks across the USA.
In addition to contactless payments, service users will be able to transfer money from their registered accounts to other bank accounts, perhaps in response to an overdraft alert or to friends and family. The service will also deliver retail coupons and discounts directly to the user on their mobile phone.
This NFC service will be delivered through the combination of ViVOtech's over-the-air (OTA) software and Monitise's Mobile Money technology.
ViVOtech's software allows data, such as credit, debit or prepaid card credentials, to be remotely loaded onto a secure chip. This can be in an NFC phone, a SIM card or a chip contained within a microSD card that can be inserted into the majority of existing smartphones, including BlackBerry, Android, Nokia and even in various iPhone cases.
Lisa Stanton, Monitise executive director of global alliances, said, "Monitise welcomes its partnership with ViVOtech to deliver the next generation of fast, secure contactless payments to our many financial institution clients in the United States. We pride ourselves on being at the forefront of mobile financial management and contactless payments. Combining the power of ViVOtech's OTA software with our Mobile Money technology platform will ensure that we continue to deliver what the banks and their customers are looking for."
Research shows that consumers in the United States upgrade their handsets approximately every 18 months, pointing to the potential rapid and widespread adoption of NFC technology, driven by the offer of new services.
Monitise handles over 100 million mobile inquiries and transactions a year. The company has partnerships with over 240 financial institutions, with millions of people across the globe using its technology to manage their finances on their mobile phone. To date, ViVOtech software has been used successfully in more than 30 NFC phone pilot projects around the globe.