Mobile money firm will oversee payment and commerce services for customers of the telecoms group’s global innovation arm
Telefonica Digital has chosen Monitise has its preferred mobile money technology partner to develop and manage new and existing payment and commerce services for its customers.
Monitise will complement existing technology partners, taking the lead role in the development of a global technology platform to support payment and mobile commerce services. The initial focus of the partnership will be in the UK.
Telefonica Digital said the agreement comes as the merits of Monitise’s platform technology enabling customers to bank, pay and buy via mobile are recognised by an increasing range of businesses looking to take advantage of the opportunity in mobile money.
The global innovations arm of the telecoms group has more than 316 million subscribers in 24 countries and operates using the O2, Movistar and Vivo commercial brands. Monitise connects hundreds of organisations from banking, payments mobile, merchants and media to millions of global customers via its Bank Anywhere, Pay Anyone and Buy Anything product range.
Telefonica Digital chief executive Matthew Key (pictured) said: “Monitise shares our vision of delivering simple, convenient and secure mobile payments and commerce services to consumers. They have established themselves as a true leader in the m-commerce ecosystem and are the ideal partner to help us take our capabilities in this area to the next level, continuing to bring high quality services to our customers.”
Last December, Monitise announced it was targeting mobile commerce opportunities to capitalise on the accelerating convergence between financial institutions, retail, mobile, online advertising and social media. In March, it signed a new three-year deal with Visa Europe to develop and deploy mobile money payments and commerce solutions for European financial institutions.
Visa Europe, which predicts that by 2020 half its transactions will be via mobile, has existing partner relationships with both Monitise and Telefonica Digital.
Visa Europe chief marketing officer Mariano Dima said: “The future of payments, technology and mobile are irrevocably bound together. Mobile technology has the potential to fundamentally change the way that people pay and are paid – enabling them to do this via any device, at any time and in any location. With Telefonica Digital and Monitise we are now working together to enable new ways to pay in our increasingly mobile world.”