MasterCard monetises Monitise
MasterCard may well be one of the biggest players in the payments industry, but that doesn’t stop it from pouncing on innovation when it sees it. And, on Monday, it announced that it has entered into a commercial agreement with Monitise PLC.
Monitise are world leaders in mobile banking and payments, providing solutions for banks, retailers, telcos, etc. to make the most of mobile payments and services. MasterCard’s intentions with Monitise are to increase the speed at which Monitise’s mobile wallet and digital payment solutions are rolled out to customers worldwide. And MasterCard really has the clout to do such a thing.
It also seems that MasterCard intend to make a minority investment in the Monitise platform too.
Naturally, such a move should mean that Monitise’s payment services now become far more secure and advanced than they currently were. It’ll also allow them some room to innovate upon their product without worrying about finances as much.
“For more than a decade, MasterCard has driven the development of mobile commerce — including the world’s first contactless and mobile payments solutions,” said MasterCard Chief Emerging Payments Officer Ed McLaughlin in the press release. “Our partnership with Monitise builds upon a shared commitment to improve the mobile shopping experience today and into the future.”
Already Monitise is working with more than 350 banks and financial institutions, merchant partners, and payment processors. Their clients include the likes of Royal Bank of Scotland, Lloyd’s Banking Group, U.S. Bank, HSBC, Telefonica, and FIS. They even have 28 million registered users worldwide.
MasterCard have really added something by aiding Monitise as the company processes 3.5 billion transactions a year, and the value of payments and transfers is over $70 billion.
But the interesting thing will be how this really changes the payments landscape, and how this affects MasterCard’s own mobile wallet service.