Monitise first inked a deal with Carphone Warehouse last December, with the pair vowing to establish a network to extend mobile banking and payments into the world of retail.

The network will now be launched next year, using Monitise's technology and the Charles Dunstone's "extensive retail experience" to offer a "one-stop shop" for mobile services, covering shopping, banking and marketing.

Monitise holds a 40% stake in the venture, with Best Buy Europe, itself a recent established JV between the US electronics retailer and Carphone Warehouse, also making an investment and becoming the first retail partner for the network.

Says Dunstone: "Every year we see hundreds of exciting ideas in the space of mobile shopping, banking, payments and marketing, but what is required is a central, independent and trusted network to make it come alive. We believe we have the track record to play this role."

Andrew Harrison, COO, Best Buy Europe, adds: "Retailers need to be at the forefront of how consumers are using technology. And so we are really excited to be the first retail partner of the Mobile Money Network. We have 800 stores in the UK but can now open up another 60m plus mobile phone based virtual storefronts through this venture."