MNN announces new payment technology

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New application and SMS based technology will allow consumers to make purchases using product codes and their mobiles

The Mobile Money Network (MNN), the joint venture between Best Buy Europe and Monitise will announce the details of its first service tomorrow – ‘Simply Tap’ which allows customers to purchase products using their mobile phones.

Mobile Tap enables consumers with any mobile phone, on any network who are in possession of a bank account to buy anything thing from retailers who are signed up to the service.

After registering for the service, which securely captures personal details such as credit card details and a delivery address, consumers can then make purchases by typing a product code into a Simply Tap application or by SMS.

Once this is done the requested product is then paid for and shipped to the customer using the saved details.

Meanwhile MNN have appointed former Marks and Spencer chairman Sir Stuart Rose and former Standard Chartered chairman Lord Davies of Abersoch as non executive chairman and a non executive director respectively.

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