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Monitise and Visa Extend European Mobile Money Agreement

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Mobile banking services vendor, Monitise says that it has renewed its existing mobile money supply contract with Visa Europe for a further three years. Monitise has been working in partnership with Visa Europe since February 2011 to deploy mobile payments services to its member banks and financial institutions.

The new relationship incorporates minimum revenues to Monitise of EUR45 million over the first three years with the potential for greater revenues as certain user generated thresholds are achieved.

Visa Europe is also being granted an option to buy shares in Monitise at a fixed rate in the future. It already owns 7.5% of the company.

Monitise Chief Commercial Officer Lee Cameron said: "Payments is about partnerships and Visa is the industry benchmark for trusted payments innovation globally. This agreement underpins our growth expectations and weare honoured to be playing our role as a technology enabler and ecosystem partner in helping Visa Europe deliver new solutions that ensure its members can offer the most compelling, intuitive and robust Mobile Money services."

There are 466m Visa accounts in Europe with one in every 6.75 euros of everyday spending being transacted by Visa services. The payments processor predicts that by 2020 more than half of its transactions will be carried out on a mobile device.

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Tags: monitise  visa  mobile banking