Visa Europe has taken a 15% stake in the mobile commerce services business Mobile Money Network, which runs Simply Tap.
Both companies will work together to deliver a number of m-commerce initiatives this year. Mobile Money Network is a joint venture between Monitise, Best Buy Europe and Charles Dunstone. As part of the investment, Visa Europe will take a seat on the MMN board.
Visa Europe CEO Peter Ayliffe said: 'This agreement is another step in the delivery of our mobile payments strategy. 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 m-commerce.'
MMN chair Sir Stuart Rose added: 'This deal is a clear endorsement of MMN’s ability to provide a secure, innovative and trusted solution. Together, Visa Europe and MMN will enable retailers to offer their customers a simple, unified instant mobile checkout that can be used to accelerate revenues and conversion through all their sales channels. The future of retail is mobile.'
Dubbed an instant mobile checkout, Simply Tap allows a user to make a purchase when they see a product in print, on outdoor advertising, instore or online. As part of the new agreement, the Simply Tap app will give exclusive offers and savings to Visa customers. There are 130m Visa cards currently in circulation in the UK.
Editor: Graeme Neill