Visa Takes 15 Per Cent Stake in Mobile Money Network

Visa Europe is to take a 15 per cent stake in mobile payments startup, The Mobile Money Network (MMN). Visa Europe and MMN say they will implement a number of mCommerce initiatives in the UK in 2012, taking MMN’s bank-grade, interoperable infrastructure for mobile shopping to the mass market. As part of the agreement Visa Europe, which operates independently of Visa Global, will also take a seat on the MMN board. Other investors in MMN include Carphone Warehouse, Charles Dunstone and Monitise. Sir Stuart Rose is the firm’s non-executive chairman.

MMN provides mobile commerce and payments services for retailers. The company has so far launched services with HMV, Goldsmiths and Thorntons, deploying image recognition and transactional QR code technology in the process.

MMN’s Simply Tap mobile checkout solution enables customers to identify and buy goods on their mobile, and have the item delivered to their home address. Simply Tap can be used wherever a shopper sees a product they want from a merchant signed up to the scheme, including in store, online, or on advertising, in-store or online – allowing the user to make an easy, secure purchase, with products delivered directly to his or her home address.

“This agreement is another step in the delivery of our mobile payments strategy,” says Visa Europe chief executive, Peter Ayliffe. “We are working with partners and organisations across the mobile ecosystem to make the future of payments a reality for consumers, for retailers and for financial institutions. By 2020, we predict that more than half of all our transactions will be carried out on a mobile device. Our investment in the Mobile Money Network will support our aim to deliver a wide range of secure and reliable mobile payment services that help our members tap into the potential of mCommerce.”