A Visa Europe investment in mobile money firm Monitise will ensure the credit firm is at the forefront of mobile payments, chief Peter Ayliffe says.
Visa Europe is pumping £24.7 million ($39.5 million) into Monitise for an 8.8% stake, in a bid to cash in on the potential presented by a combination of growing smartphone and e-commerce usage, Ayliffe explains.
The investment demonstrates “our belief in the crucial role that mobile has to play in the further development of the payments industry,” the CEO states, adding that it also ensures his firm leads “innovation in payments technology.”
Ayliffe is also appointed a member of the Monitise board as part of the deal, a move he says will allow Visa Europe to “directly influence product development,” at the firm. “We are here to make payments technologies available to our members in whatever format they require to offer the services best suited to their end consumer.”
Monitise is also taking control of Monitise Americas by buying out joint venture partner Metavante, a subsidiary of banking and payments technology firm Fidelity National Information Services.
Company chief Alastair Lukies says the deal leaves his firm “ideally placed to play a leadership role in the North American mobile money market, which is following similar trends of growth to those we have experienced in the UK over the past 12 months.”