The deal gives Visa Europe permission to use all of Monitise’s mobile technology to provide m-commerce services to banks and other financial institutions
Visa Europe and mobile payments company Monitise have signed a three-year deal to provide mobile commerce solutions for Europe’s leading financial institutions.
A minimum of €45 million (£39 million) in revenues will go to Monitise over the term of the contract, with the potential for more as user numbers grow.
The deal means Visa has the right to use all aspects of Monetise’s mobile technology, and Visa will also be able to purchase shares at the company from August next year.
Monitise has been working in partnership with Visa Europe since February 2011 to deploy mobile payments services to its 3,000-plus member banks and financial institutions across 36 countries.
Visa Europe owns 7.5% of the shares in Monitise via an investment that forms part of its strategy to deliver increased value for financial institutions and consumers through enabling and supporting mobile payments.
Monitise chief commercial officer Lee Cameron said: “Our technology has been designed with one clear purpose: to help consumers bank anywhere, pay anyone and buy anything from their mobile.”
Steve Chambers, chief information officer at Visa Europe, said: “Mobile is changing the way we pay and buy. Visa continues to ensure that financial institutions remain at the centre of this important landscape.”