Mobile money services vendor Monitise entered a new three-year deal with Visa Europe that will provide it with minimum revenue of €45 million.
Monitise, which has been working with Visa Europe since February 2011 to deploy mobile payment services to Europe's banks and financial institutions, said the new agreement covers licence rights to all aspects of Monitise's mobile technology.
The new deal will also see Visa Europe being granted an option to buy shares in Monitise at a fixed rate in the future. It already owns 7.5 per cent of the company.
"This agreement underpins our growth expectations and we are honoured to be playing our role as a technology enabler and ecosystem partner in helping Visa Europe deliver new solutions that ensure its members can offer the most compelling, intuitive and robust Mobile Money services," Monitise COO Lee Cameron said in a statement.
Monitise noted that the new arrangement with Visa Europe will specifically focus on accelerating the deployment and use of its Buy Anything mobile services with continued development of Bank Anywhere and Pay Anyone.
"Mobile is changing the way we pay and buy. Visa continues to ensure that financial institutions remain at the centre of this important landscape," Steve Chambers, CIO at Visa Europe, said in a statement. "We are delighted to be deepening our long-standing relationship with Monitise to ensure continued best-in-class services for Visa Europe members."
For more:
- see this Monitise release
- see this TheNextWeb article
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