Visa Europe has bought a 15 percent stake in the Mobile Money Network, a joint venture offering mobile payment services to retailers in the UK. The credit card firm says it will also implement a number of m-commerce initiatives with the m-pay venture during 2012 as part of the same deal.  Mobile Money Network’s check-out service enables users to purchase products via their mobile handsets. The service is called Simply Tap. As well as shops, the service is designed to work online, in print and with outdoor advertising.  As part of Visa’s investment, the venture will create new offers and savings targeted specifically at the cardholder’s customers.

Mobile Money Network’s existing shareholders are Charles Dunstone, the founder of the Carphone Warehouse, UK mobile money vendor Monitise and Best Buy Europe, an arm of the US consumer electronics giant.  The announcement does not say from which existing shareholders Visa has acquired its stake. Separately Visa Europe is already a shareholder in Monitise.  The credit card firm will also take a seat on Mobile Money Network’s board. The m-pay service was launched in November 2011 and works with a number of large retailers. The technology underpinning its service includes image recognition and QR codes.