"Monitise will act as an advanced development engine for Visa Europe, enabling it to provide its member banks with a rapid go-to-market mobile payments service in Europe," the payments network explains. "Initially this will include the development of Visa Europe's mobile platform for mobile contactless payments, mobile alerts and person to person payments followed by account management, loyalty applications and mobile e-commerce."
The deal will build on Visa Europe's six year, €0.5bn investment in a new European inter-bank processing service. "We've created an inter-bank processing service without equal in Europe," says Peter Ayliffe, Visa Europe's chief executive. "This agreement now places us in an undisputed position to deliver mobile services with incredible scale and processing efficiency in the mobile arena, enabling Visa Europe's member banks to offer mobile payment services direct to their customers — consumers and retailers."