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Monitise announces mobile money partnership with Telefonica

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Monitise says that it has become the preferred Mobile Money technology partner for Telefonica Digital to develop and manage new and existing mobile payment and commerce services for its customers.

The two companies have entered a five-year agreement involving substantial (if unspecified) revenues to Monitise. The initial focus of the partnership will be in the UK.

The total minimum revenues are not dissimilar to those recently announced in the Group's new partnership with Visa Europe, Europe's largest payments processor, and underpin Monitise's revenue expectations for the 2013 financial year and future growth expectations.

Monitise Chief Executive Alastair Lukies said: "We are delighted to be working with Telefónica, one of the 50 largest companies in the world, pooling our shared experiences and innovations in new ways to create even more compelling secure Mobile Money services that are easy for consumers to use, every minute of every day."

Lukies added: "This new partnership leverages our Mobile Money platforms, products and assets. Successful mobile commerce, whether local in-market solutions or global services, is ultimately about collaboration. Partnerships like this show how we are at the heart of the accelerating convergence via mobile between the offline and digital worlds of banking, payments and commerce."

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Tags: monitise  telefonica  mobile money  UK