Visa Europe invests in Monitise
Monitise also announces it has agreed to acquire the 51% stake in its US joint venture, Monitise Americas, held by Metavante Corporation, a subsidiary of Fidelity National Information Services (FIS). FIS is a global provider dedicated to banking and payments technologies. Monitise has agreed to buy out its partner, valued at US$ 29.4 million (EUR 21.4), issuing Metavante with a 3.3% stake in Monitise, worth US$ 15 million (EUR 11 million). Monitise Americas was established in 2007 by Monitise and US vendor Metavante, which FIS acquired in 2009 (cf. Smart Insights Weekly #09-15).
Previously, in September 2011, Visa Europe launched its Visa Mobile Person-to-Person payments and Visa Alerts, two services designed to help consumers manage their money and make payments using their mobile phones. Monitise was involved in both initiatives. Monitise has an existing global alliance agreement with Visa Inc, which is an independent and separate company from Visa Europe.
At the same time, several UK retailers have gone live with Simply Tap, a mobile checkout technology that lets customers use their handsets to buy through adverts, direct marketing and web sites. The system has been developed by Mobile Money Network (MMN), a joint venture formed last year by Monitise, retailer Best Buy Europe and Carphone Warehouse founder Charles Dunstone (cf. SIW #08-21 and #09-15). The Simply Tap service requires a customer to download a free iPhone or Android app and then go through a one-off registration process, providing their card details and delivery address. Users can then make purchases at participating retailers by entering the Simply Pay codes placed by the firms in stores, in advertising and on Web sites.