UK-headquartered Monitise, a mobile payment platform specialist, has struck an agreement with IBM to broaden the range of mobile money services Visa Europe can offer its member banks. These include banking, payment and commerce services in the cloud.
IBM will help Monitise extend and scale the adoption of these services with Visa Europe, as well as develop additional offerings.
Collaboration between Monitise and IBM is also designed to accelerate deployment of mobile services on all types of devices.
Visa predicts more than half of its transactions will be carried out on a mobile device by 2020. Today there are 466 million Visa accounts in Europe accounting for one in every €6.75 spent daily.
With these new enhanced mobile services provided by Monitise and IBM, Visa Europe (which holds a stake in Monitise) will enable its 3,000 plus member banks across 36 countries to increase their share of these transactions and accelerate the scale of their mobile offerings to meet evolving customer banking needs.
“Visa is committed to making mobile commerce and payments ever easier by connecting consumers, member banks and retail businesses together through the globally trusted Visa network, and by working even more closely with a combined Monitise and IBM team, we are making this vision a reality,” said Steve Chambers, Visa Europe’s CIO.