Monitise plc and Visa Europe are further strengthening their partnership via a new three-year commercial agreement spanning the development and deployment of Mobile Money payments and mobile commerce solutions for Europe’s leading financial institutions.
The new relationship incorporates minimum revenues to Monitise of EUR45m over the first three years with the potential for greater revenues as certain user generated thresholds are achieved. A further announcement will be made in due course to confirm when the Company has entered into the final contractual agreement with Visa Europe
Monitise has been working in partnership with Visa Europe since February 2011 to deploy mobile payments services to its 3,000+ member banks and financial institutions across 36 countries. Visa Europe owns 7.5% of the shares in Monitise via an investment that forms part of its strategy to deliver increased value for financial institutions and consumers through enabling and supporting mobile payments.
Steve Chambers, Chief Information Officer at Visa Europe, said: “Mobile is changing the way we pay and buy. Visa continues to ensure that financial institutions remain at the centre of this important landscape. We are delighted to be deepening our long-standing relationship with Monitise to ensure continued best-in-class services for Visa Europe members.”
Monitise Chief Commercial Officer Lee Cameron said: “Our technology has been designed with one clear purpose: to help consumers bank anywhere, pay anyone and buy anything from their mobile.”
There are 466m Visa accounts in Europe with one in every 6.75 euros of everyday spending being transacted by Visa services. The payments processor predicts that by 2020 more than half of its transactions will be carried out on a mobile device.
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