The London mobile banking software vendor Monitise PLC said Tuesday that it has signed a $13 million deal to provide its payments technology to Visa Inc.

Monitise also said that Visa had agreed to take a 14.4% stake in it and has the option of taking a seat on its board.

Alastair Lukies, Monitise's chief executive, said that securing a deal with one of the top card networks was a major goal for the company.

The five-year deal includes ongoing license and service fees on top of the $13 million, and will cover a suite of mobile payment services that Visa wants to develop.

Lukies said the agreement covers such services as paying bills through a mobile phone, checking account balances and transferring funds between accounts.

The first products are expected to be available to Visa cardholders by early next year, Lukies said.

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