Visa Europe’s investment in Mobile Money Network (MMN), a mobile commerce and payments service provider for retailers, is part of a strategy to make mobile payments “a reality for consumers, for retailers and for financial institutions” (view press release). The agreement will see Visa Europe take a seat on the MMN board and will focus on bringing MMN’s mobile shopping infrastructure to the mass market this year. MMN’s instant mobile checkout service, Simply Tap, allows shoppers to make purchases from their mobile phones by tapping the device against a QR code. Purchases can be made instantly at the point of where the product is seen such as in print, on outdoor advertising, in-store or online. The partnership will be enhancing the service by offering various promotions and savings to Visa cardholders.
Peter Ayliffe, Chief Executive of Visa Europe said “by 2020, we predict that more than half of all our transactions will be carried out on a mobile device. Our investment in 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.” MMN Chairman Sir Stuart Rose says “the future of retail is mobile.”
MMN was launched in November 2011 with backers including Carphone Warehouse, Charles Dunstone and Monitise. The company is in talks with a number of retailers and HMV, Goldsmiths and Thorntons are already employing its services.
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