Monitise and Visa Europe have signed a three year deal to accelerate the deployment of mobile money solutions to Europe’s leading banks and financial institutions.

As part of the deal, Monitise has handed over the rights to its mPayments and mCommerce technologies and will receive a minimum of €45m (£37.1m) over the length of the agreement.

Visa Europe already owns a 7.5 per cent stake in the company and has been offered the opportunity to buy 43m shares in the company at 1p each – although the market value as of 4 March was 36.24p – valid until 4 August 2014. A warrant to purchase an additional 6m at 1p each has also been issued.

Visa says its expects that by 2020 more than half of its transactions will be carried out on mobile devices. It has 466m accounts in Europe, with one in every €6.75 of every day spending transacted by the company.

“This agreement underpins our growth expectations,” said Monitise CCO, Lee Cameron.  “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.

“Our technology has been designed with one clear purpose: to help consumers bank anywhere, pay anyone and buy anything from their mobile,” he added.

Monitise recently completed a round of buyouts – including the Mobile Money Network, behind SimplyTap, and another mobile POS company, eMerit.