Monitise, a global enabler of mobile money services, has announced a new agreement with Visa, the global payments company.
The new five-year alliance represents minimum annualised revenues to Monitise in excess of $10 million in the first three years, with potential for greater revenues in years 4 and 5 as key milestones are achieved. The agreement is intended to enable Visa to mobilise existing Visa account holders in the U.S. and in other key geographies creating new mobile solutions that replicate the ease, reliability, and security of traditional Visa payments, on mobile phones and in ecommerce stores accessed via mobile phones.
“Visa is the benchmark for trusted payments innovation on a global scale and it is a huge honour for Monitise to be playing our part in their mobile strategy. Mobile Money is an industry that will have a big societal impact as the 5+ billion mobile phone users around the world discover new ways to bank, pay, trade and shop. This agreement validates Monitise’s strategy of becoming the leading trusted enabler in the space and cements our role in this ever growing ecosystem,” said Alastair Lukies, Chief Executive of Monitise.