Visa Europe and Monitise PLC have formed a partnership to develop mobile-payment services for Visa’s member financial institutions within Europe, the companies announced Feb. 3.
The agreement follows Visa Europe’s 500 million euro (US$700 million or £400 million) investment in a new European interbank processing service. Monitise will use the service in the development and commercialization of large-scale mobile payments and services, Visa Europe noted in a Feb. 3 press release.
Monitise will provide its mobile-technology services and help enable participating banks to support mobile contactless payments, mobile alerts and person-to-person payments, according to Visa Europe. Monitise also will support account management, loyalty applications and mobile e-commerce for the mobile-payment service.
