Monitise, the global specialist in mobile money, today announced a new joint venture to form the ‘Mobile Money Network.’ The joint venture has been created by Monitise, Best Buy Europe and the personal backing of Charles Dunstone, founder of The Carphone Warehouse. Monitise will hold 40% ownership in the venture which has been created following previous discussions in December 2009.
The network will launch in 2011 with a range of products and services to enable people to get the most from ‘Mobile Money on the move’. It’s said the network will be an independent, trusted and secure one-stop shop for mobile services.
Charles Dunstone said: “Every year we see hundreds of exciting ideas in the space of mobile shopping, banking, payments and marketing, but what is required is a central, independent and trusted network to make it come alive. We believe we have the track record to play this role.”
Alastair Lukies, Chief Executive of Monitise added: “Mobile banking and mobile payments are taking off at light speed, showing consumer appetite for convenient and secure services for their ‘always with me’ device.”
The new joint venture will leverage the retail experience of Charles Dunstone together with Monitise’s bank-grade mobile technology. Monitise’s services are used worldwide, with Monitise Europe providing access to its technology to more than 55% of the UK retail banking market; Monitise is also a key partner of Visa.
In addition, Best Buy Europe will not only become the first retail partner but also make an investment in the venture as part of its belief in the growth of mobile commerce over the coming years.
Andrew Harrison, Chief Operating Officer of Best Buy Europe said: “Retailers need to be at the forefront of how consumers are using technology. And so we are really excited to be the first retail partner of the Mobile Money Network. We have 800 stores in the UK but can now open up another 60m plus mobile phone based virtual storefronts through this venture”
The Mobile Money Network says it will make further announcements over the coming weeks and is already said to be working with a large number of high street brands and financial service providers to join the network.