MasterCard has announced a partnership with mobile money company Monitise to accelerate the development and deployment of mobile wallets and digital payments by banks worldwide.
London-based Monitise provides solutions to help financial institutions building mobile applications allowing consumers to bank anywhere, pay anyone and buy anything through their smartphones.
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"For more than a decade, MasterCard has driven the development of mobile commerce – including the world’s first contactless and mobile payments solutions," said Ed McLaughlin, chief emerging payments officer at MasterCard.
The combination of both companies’ complementary expertise in developing mobile platforms for commerce and banking is expected to result in additional innovative and secure solutions.
"Our partnership with Monitise builds upon a shared commitment to improve the mobile shopping experience today and into the future," added McLaughlin.
MasterCard also said it was planning to make a minority investment in Monitise.
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By GlobalDataMeanwhile, the British company issued a strategy update regarding a change in business model to a subscription model. Monitise outlined a five-year operating plan, which includes targets such as 200m registered users by the end of 2018 – against 28m today.
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