The Mobile Money Network announced today that Visa Europe is intended to acquire 15% stake in the company, which provides mobile commerce and payments services for retailers. The investment forms part of Visa Europe’s strategy to deliver increased value for consumers, retailers and financial institutions through mobile payments. Visa Europe will take a seat on the MMN board, which is chaired by Sir Stuart Rose, former executive chairman and CEO of Marks and Spencer.
“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,” Peter Ayliffe, Chief Executive of Visa Europe said.
Visa Europe says there are currently 130 million Visa cards in circulation in the UK, and that £1 in every £3 spent is carried out on a Visa card. Founded in March 2011, MMN’s previous backers include Carphone Warehouse, Charles Dunstone and Monitise. By 2020, the company expects more than half of all its transactions to be carried out on a mobile device, hence its interest in backing Mobile Money Network.