Visa has signed a US$13m ($16.07m) deal with Monitise for the development of a mobile payments network.
The financial services giant has also taken a 14.4 per cent stake in the mobile payments specialist, with the aim of extending Visa’s services to four billion mobile devices worldwide.
The partnership intends to enable mobile phone users to purchase goods and services, make payments, receive information and offers, and transfer money between accounts, in a safe and secure manner, said head of global product innovation at Visa, Tim Attinger.
“With the ever-expanding growth in handsets coupled with increasing sophistication of mobile networks, mobile payments and services present significant opportunity for Visa as we continue to develop new ways to bring the benefits of our electronic payments to more people in more places,” said Attinger.
