24 July 2016
Find out more

Visa Europe takes stake in Mobile Money Network

07 March 2012  |  8590 views  |  0 iphone apps on screen

Visa Europe is set to take a 15% equity stake in Mobile Money Network (MMN), a joint venture between Monitise, retailer Best Buy Europe and Carphone Warehouse founder Charles Dunstone.

MMN's Simply Tap mobile checkout technology - which went live with several UK retailers late last year - lets customers use their handsets to buy through adverts, direct marketing and Web sites.

Customers download a free iPhone or Android app and then go through a one-off registration process, providing their card details and delivery address. They can then make purchases at participating retailers by entering the Simply Tap codes placed by the firms in stores, in print advertising and on Web sites.

With former Marks & Spencer chief Stuart Rose as chairman, MMN has signed up Carphone Warehouse and Best Buy Europe, HMV, Thorntons and Goldsmith, among others to the system.

Visa Europe - which already holds a stake in Monitise - says that it will now use its massive presence in the UK, where £1 in every £3 is spent on one of its cards, to bring Simply Tap to the mass market. The card giant will also work with MMN to implement a number of unspecified m-commerce initiatives this year, says a statement.

Peter Ayliffe, CEO, Visa Europe says: "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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa mobile pre-paid accounts integrated into Orange Money service

Visa mobile pre-paid accounts integrated into Orange Money service

29 February 2012  |  6901 views  |  0 comments
Vodafone and Visa team on NFC m-payments

Vodafone and Visa team on NFC m-payments

27 February 2012  |  12709 views  |  0 comments
Visa and Monitise partner HDFC on Indian mobile money

Visa and Monitise partner HDFC on Indian mobile money

22 February 2012  |  11531 views  |  0 comments
Monitise considers Nasdaq listing - FT

Monitise considers Nasdaq listing - FT

14 February 2012  |  4892 views  |  0 comments
Visa launches mobile services for US financial institutions

Visa launches mobile services for US financial institutions

09 February 2012  |  7792 views  |  0 comments
Visa Europe launches UK offers portal

Visa Europe launches UK offers portal

12 December 2011  |  7720 views  |  0 comments
Monitise and Best Buy Europe JV launches mobile checkout service

Monitise and Best Buy Europe JV launches mobile checkout service

04 November 2011  |  7747 views  |  0 comments
Visa Europe invests £24.7m in Monitise

Visa Europe invests £24.7m in Monitise

31 October 2011  |  11400 views  |  0 comments
Monitise forms mobile money network with Best Buy Europe

Monitise forms mobile money network with Best Buy Europe

16 November 2010  |  8742 views  |  0 comments
Visa signs $13 million deal and takes minority stake in Monitise

Visa signs $13 million deal and takes minority stake in Monitise

30 June 2009  |  11350 views  |  1 comments
Monitise and Carphone Warehouse form m-banking alliance

Monitise and Carphone Warehouse form m-banking alliance

19 March 2009  |  9315 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euFind out moreVisit capgemini.com

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
8069 views 14 comments | 32 tweets | 36 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
7843 views 0 | 14 tweets | 8 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
7763 views 3 | 19 tweets | 7 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7583 views comments | 22 tweets | 28 linkedin
Brexit-scarred London fintech startups enquire about moving to BerlinBrexit-scarred London fintech startups enq...
7491 views comments | 16 tweets | 16 linkedin

Featured job

Find your next job