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Monitise teams up with Best Buy and Dunstone for JV

Paul Withers
November 16, 2010

‘Mobile Money Network’ to launch next year, with Best Buy Europe chosen as the first retail partner to sell the service

Mobile money provider Monitise is launching a joint venture with Best Buy Europe and Carphone Warehouse founder Charles Dunstone to create the ‘Mobile money Network’, due for launch next year.

Monitise will hold 40 per cent of the venture, which it said had been created following previous discussions in December 2009. Best Buy Europe will become the first retail partner to sell the service as well as making an investment in the venture.

Monitise said the network will launch with a range of products and services to enable people to make the most of using mobile money services on their phones. It added it is working with a large number of high street brands and financial service providers to join the network.

Best Buy Europe chief operating officer Andrew Harrison said: “Retailers need to be at the forefront of how consumers are using technology. We have 800 stores in the UK but can now open up another 60 million plus mobile phone-based virtual storefronts through this venture.”

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