Mobile money company Monitise has joined forces with mobile company Best Buy Europe to create an independent, trusted and secure one-stop shop for mobile services and be a place for the best technology and ideas within shopping, banking and marketing to come together.
With the personal backing of Charles Dunstone, founder of The Carphone Warehouse, the ‘Mobile Money Network’ will launch in 2011. The new joint venture will leverage the extensive retail experience of Charles Dunstone together with Monitise’s proven world-class, 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 Inc, the world’s leading global payments technology company.
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.
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 plc, adds: “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.”
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 will make further announcements over the coming weeks and is already working with a large number of high street brands and financial service providers to join this win/win network.