Visa Europe backs Mobile Money
Network
Visa Europe invests in mobile shopping JV to drive
growth of mobile money services
London, 7 March 2012 — The Mobile Money
Network Ltd (MMN) today announces that Visa Europe intends to take
a 15% stake in its business, which provides mobile commerce and
payments services for retailers. The investment forms part of Visa
Europe’s strategy to deliver increased value for consumers,
retailers and financial institutions through mobile payments.
Visa Europe and MMN will implement a number of m-commerce
initiatives in the UK in 2012, taking MMN’s bank-grade,
interoperable infrastructure for secure, fast and simple mobile
shopping to the mass market.
MMN’s instant mobile checkout, Simply Tap allows customers to
easily identify and purchase a product on their mobile. Simply Tap
can be used wherever a shopper sees a product they want - in print,
on outdoor advertising, in-store or online - allowing the user
to make an easy, secure purchase, with products delivered directly
to his or her home address. As part of the new agreement, the app
will also offer a number of new offers and savings available only
to Visa cardholders.
There are 115m Visa cards in circulation in the UK and £1 in
every £3 spent is now carried out on a Visa card, around 80% of
which is on a debit card.
Peter Ayliffe, Chief Executive of Visa Europe said: "This
agreement is another step in the delivery of our mobile payments
strategy. We are working with partners and organisations across the
mobile ecosystem to make the future of payments a reality for
consumers, for retailers and for financial institutions. By 2020,
we predict that more than half of all our transactions will be
carried out on a mobile device. Our investment in the Mobile Money
Network will support our aim to deliver a wide range of secure and
reliable mobile payment services that help our members tap into the
potential of m-commerce."
As part of the agreement Visa Europe will also take a seat on
the MMN board.
Launched in November 2011, MMN and its Simply Tap service is
chaired by Sir Stuart Rose as Non-Executive Chairman with backers
including Carphone Warehouse, Charles Dunstone and Monitise. MNN is
working with a large number of retailers and has already launched
services with HMV, Goldsmiths and Thorntons and been first to
market with cutting-edge technology including image recognition and
transactional QR codes.
Sir Stuart Rose said: “Visa is the benchmark for trusted
payments innovation on a global scale and this deal is a clear
endorsement of MMN’s ability to provide a secure, innovative and
trusted solution. Together, Visa Europe and MMN will enable
retailers to offer their customers a simple, unified instant mobile
checkout that can be used to accelerate revenues and conversion
through all their sales channels. The future of retail is
mobile.”
About Visa Europe
In Europe, there are 445 million Visa debit, credit and
commercial cards. In the 12 months ending September 2011 those
cards were used to make purchases and cash withdrawals to the value
of €1.7 trillion. 14% of consumer spending at point of sale in
Europe is with a Visa card, and almost 80% of that is on Visa debit
cards.
Visa Europe is owned and operated by more than 3,700 European
member banks and was incorporated in July 2004. Visa Europe is
independent of global Visa Inc., with an exclusive, irrevocable and
perpetual licence in Europe, while both companies operate to ensure
global interoperability. As a dedicated European payment system
Visa Europe is able to respond quickly to the specific market needs
of European banks and their customers - cardholders and retailers -
and to meet the European Commission’s objective to create a true
internal market for payments.
Visa enjoys unsurpassed acceptance around the world. In
addition, Visa/PLUS is one of the world’s largest global ATM
networks, offering cash access in local currency in over 200
countries.
For more information, visit www.visaeurope.com
About Mobile Money Network (MMN)
The Mobile Money Network (MMN) launched in March 2011 with the
vision of making the process of buying products across all sales
and marketing channels a quick, easy and secure experience, hence
increasing sales conversion for retailers. In November 2011, MMN
launched its instant mobile checkout, Simply Tap – a mobile
application available for iPhone and Android handsets.
MMN is working with a network of retailers, advertisers, banks
and media owners to provide consumers with a simple way to discover
and buy goods using the simplicity and ubiquity of the mobile
phone. Retailers already signed up to the network include
Thornton’s, HMV, Carphone Warehouse, Goldsmiths, The Hut Group and
Pretty Green. MMN is a joint venture between Monitise, Best Buy
Europe (including Carphone Warehouse), Visa Europe and Charles
Dunstone.
Former Executive Chairman and Chief Executive of Marks &
Spencer Sir Stuart Rose is Non-Executive Chairman of MMN. Other
board members include Former Minister of State for Trade Promotion
and Investment, and former Chairman of Standard Chartered plc, Lord
Davies of Abersoch CBE and co-founder and Partner at advertising
agency CHI, Johnny Hornby. The Managing Director is John
Milliken.
About Monitise
Monitise plc (LSE: MONI.L) is a technology and services company
delivering mobile banking, payments and commerce networks worldwide
with the proven technology and expertise to enable financial
institutions and other service providers to offer a wide range of
services to their customers in developed and emerging markets.
With live services in the UK, the US, India and Africa, the
company is working with international partners to extend trusted
and secure mobile banking, payment and commerce services in
territories worldwide, including Europe, Asia Pacific and Latin
America. Monitise has strategic partnerships with Visa Inc., Visa
Europe, RBS Group and FIS. Other leading partners and clients
include HSBC, Lloyds Banking Group, First Direct, U.S. Bank,
Standard Chartered Bank, Travelex, Vocalink, Vodafone, Orange, O2,
T-Mobile, 3 UK, Research In Motion, Best Buy Europe, The Carphone
Warehouse, First Eastern, Astra International, JETCO and PCCW
mobile.
More information is available at www.monitisegroup.com.