Four months since inception, The Mobile Money Network (MMN) can today announce another major step towards realising its vision to put the mobile device at the heart of the consumer shopping experience.
Sir Stuart Rose has been appointed Non-Executive Chairman and will give his first address at a major gathering of the UK's biggest retailers, banks and media companies on 29 March 2011. MMN can also announce the appointment of Lord Davies of Abersoch as a Non-Executive Director. Lord Davies is the former Minister of State for Trade Promotion and Investment, and former Chairman of Standard Chartered PLC.
The MMN event on 29 March will see MD John Milliken and Chairman Sir Stuart Rose announce the details of its first service, 'Simply Tap', a pioneering, common sense approach to buying products and services via a mobile phone. Simply Tap will enable consumers with any mobile phone, on any mobile network and with any bank to buy anything from the retailers signed up to the service, wherever they are.
Consumers will go through a one-off registration process that securely captures personal details, such as debit or credit card numbers and preferred delivery address. After registering, when a consumer sees a product they want in store, online or in any advert, they simply need to type the product code in to the Simply Tap service through the mobile app or send it via SMS and the product is then paid for and delivered using the saved details.
Simply Tap provides a number of key benefits including saving shoppers time when ordering products online, allowing retailers to sell products from traditional print advertising more effectively, and to extend the range of products they can promote in store for home delivery. This potential puts MMN at the centre of the next significant change in the way that people shop and discover products.
"The number of mobile subscribers across the globe has reached almost 5.5 billion with 750 million in Europe. This represents a massive commercial opportunity for retailers if they can take advantage of it," says Sir Stuart Rose, MMN Non Executive Chairman. "I am incredibly excited to be involved in the Mobile Money Network. It is a fresh concept set to act as a catalyst for three major industries - retail, banking and marketing. With Simply Tap, MMN is making the mobile a relevant, useful and fun part of an existing shopping experience. At a time when consumers are short of time but demanding instant gratification, this proposition delivers. The potential is huge and I look forward to the journey."
"Mobile Money Network is different as, from day one, we are bringing together businesses to collaborate and deliver a simple, unified and mass market proposition for consumers. We have the technology to enable more retailers to take advantage of the opportunity and provide consumers with a service they're calling out for," commented John Milliken, MD of Mobile Money Network.
The Mobile Money Network is a joint venture between Monitise, Best Buy Europe and Carphone Warehouse founder Charles Dunstone. The vision is to bring together the best in mobile payments, marketing and banking innovations, putting the mobile device at the heart of the consumer shopping experience. The Mobile Money Network is already in discussions with 17 of the top 20 UK high street retailers and many leading financial institutions about the forthcoming roll-out.