Charles Dunstone has recruited Sir Stuart Rose, the former Marks and Spencer’s executive chairman, as non-executive chairman on the board of the Mobile Money Network (MMN).
Rose’s arrival marks a coup for MMN, which is a joint venture between Carphone Warehouse founder Dunstone (pictured), Monitise and Best Buy Europe.
The joint venture aims to extend mobile banking and payments into the world of retail by offering a ‘one-stop shop’ for mobile services, covering shopping, banking and marketing.
The arrival of Rose coincides with MMN’s launch of ‘Simply Tap’, a service which will allow shoppers to buy products and services from any location by inputting the code’s item into their mobile phones.
Consumers can use the service after going through a one-off registration process. After registering, when a consumer sees a product they want in store, online or in any advert, they type the product code in to the Simply Tap service through the mobile app or send it via SMS and the product is then paid for and delivered using the saved details.
MMN is currently in discussions about the service with 17 of the top 20 UK high street retailers and a number of financial institutions.
Sir Stuart Rose said: ‘The number of mobile subscribers across the globe has reached almost 5.5 billion with 750 million in Europe. This represents a massive commercial opportunity for retailers if they can take advantage of it.
'I am incredibly excited to be involved in the Mobile Money Network. It is a fresh concept set to act as a catalyst for three major industries – retail, banking and marketing. With Simply Tap, MMN is making the mobile a relevant, useful and fun part of an existing shopping experience.
'At a time when consumers are short of time but demanding instant gratification, this proposition delivers. The potential is huge and I look forward to the journey.’
John Milliken, MD of Mobile Money Network, said: 'Mobile Money Network is different as, from day one, we are bringing together businesses to collaborate and deliver a simple, unified and mass market proposition for consumers. We have the technology to enable more retailers to take advantage of the opportunity and provide consumers with a service they’re calling out for.’