Visa Europe follows backing UK-listed payment technology company Monitise last year, by also backing one of its investments UK-based mobile payments company Mobile Money Network, chaired by former Marks & Spencer head Sir Stuart Rose.
Visa Europe, the European association running the Visa credit card brand, has invested in UK-based mobile payments company Mobile Money Network (MMN), chaired by Sir Stuart Rose, the former chief executive of UK retailer Marks & Spencer, to take a 15% stake for an undisclosed sum yesterday.
Visa Europe is taking a seat on Mobile Money’s board.
Peter Ayliffe, chief executive of Visa Europe, said: "This agreement is another step in the delivery of our mobile payments strategy. We are working with partners and organisations across the mobile ecosystem to make the future of payments a reality for consumers, for retailers and for financial institutions. By 2020, we predict that more than half of all our transactions will be carried out on a mobile device. Our investment in the Mobile Money Network will support our aim to deliver a wide range of secure and reliable mobile payment services that help our members tap into the potential of m-commerce."
MMN backers include Carphone Warehouse, the mobile retailer, Charles Dunstone, co-founder of Carphone Warehouse, and Monitise, a technology and services company delivering mobile banking, payments and commerce networks. Visa Europe invested in Monitise in November last year, taking an 8.8% stake. Monitise had a 40% stake in the MMN joint venture when it was founded in November 2010.
Sir Stuart Rose said: "Visa is the benchmark for trusted payments innovation on a global scale and this deal is a clear endorsement of MMN’s ability to provide a secure, innovative and trusted solution. Together, Visa Europe and MMN will enable retailers to offer their customers a simple, unified instant mobile checkout that can be used to accelerate revenues and conversion through all their sales channels. The future of retail is mobile."
Alastair Lukies, chief executive of Monitise, said: "We are delighted by Visa Europe’s investment in the Mobile Money Network. The strategic endorsement by the world’s largest payments brand comes at an incredibly exciting time. Like Monitise, Visa is working with leading players to ensure that future mobile payment technologies are as easy, simple and secure as card-based transactions are today."
Mobile Money said it had launched services with retailers HMV, Goldsmiths and Thorntons.
