Visa Europe is enforcing its alliance with Monitise, a company providing mobile phone banking and payment technology. Visa Europe, which became independent of Visa Inc. in 2007, is investing £24.7 million in Monitise. As part of the subscription, Visa Europe President and Chief Executive Peter Ayliffe will join Monitise’s Board as a non-executive director.
Monitise and Visa Europe entered into a partnership in February 2011 to develop and supply mobile payments services for Visa Europe’s member banks and financial institutions. That partnership gives Visa Europe a licence to Monitise’s mobile banking technology. Monitise provides mobile banking, payments and commerce networks worldwide. In September this year, Visa Europe announced Visa Mobile Person-to-Person payments and Visa Alerts, two mobile payment services that were developed in partnership with Monitise.
Monitise believes the market opportunities for its mobile technology business are better today than at any time before. The companies Chief Executive Alastair Lukies stated: “Visa Europe’s investment in Monitise … establishes our role as the platform of choice for mobile money services in Europe. We are excited by the opportunities ahead for Monitise and the global mobile money industry as mobiles increasingly become the accepted new way to bank, pay and shop.”