Visa Europe has teamed up with mobile money solutions provider Monitise to develop and supply mobile payments services for its member banks across Europe.
The agreement is claimed to leverage Visas European inter-bank processing platform and accelerate the development and commercialisation of large scale mobile payments and services.
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This agreement now places us in an undisputed position to deliver mobile services with incredible scale and processing efficiency in the mobile arena, enabling Visa Europe’s member banks to offer mobile payment services direct to their customers consumers and retailers, said Peter Ayliffe, CEO of Visa Europe.
The deal also gives Visa a license to access Monitises mobile technology, where it will act as an advanced development engine for Visa. Through using the technology Monitise aims to enable Visa to provide its member banks with a rapid go to market mobile payments service in Europe.
In the initial stages, the service is said to include the development of Visa Europes mobile contactless payments, mobile alerts and P2P payments followed by account management, loyalty applications and mobile e-commerce.
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