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IBM and Monitise partner to support Visa's mobile payments plans

Matthew Finnegan | Sept. 6, 2013
Half of transactions will be made through mobile devices by 2020, says payments provider.

IBM has joined with Monitise as part of a deal to support Visa Europe's development of new mobile banking services.

Monitise will provide the software platform for forthcoming mobile offerings from Visa Europe, built around its Bank Anywhere, Pay Anyone and Buy Anything tools. Earlier this year Monitise announced a three-year deal to provide its software to the payments provider, while its products have been used by a number of financial institutions, as well as with mobile operator Telefonica Digital.

IBM's role will be to provide consulting services to Visa to support the development of services around Monitise's software. IBM will also provide SmarterCommerce analytics software, as well application hosting via its SmartCloud.

Visa Europe Chief Information Officer Steve Chambers commented that the deal will give a boost to the company's mobile banking strategy and tailor services to its customer's needs.

"Visa recognises the specialist nature of making mobile services intuitive, convenient and relevant to the consumer, as well as meeting the need for interoperability across the scale and diversity of Europe. We are excited about the value that this collaboration will deliver for our members."

He added: "Visa is committed to making mobile commerce and payments ever easier by connecting consumers, member banks and retail businesses together through the globally trusted Visa network, and by working even more closely with a combined Monitise and IBM team, we are making this vision a reality."

Visa, which has 3,000 member banks across the region, is predicting that mobile banking will have a substantial impact on its business, with more than half of its customers making transactions via mobile devices by 2020.

Europe has been slower than other regions to adopt mobile payments, but banks in the UK are becoming more open to offering mobile commerce platforms as customer adoption of smartphones and tablets continues to increase.

A recent survey by Monitise showed that over half of smartphone users would be more likely to place their trust in a digtial wallet supplied by their bank than another provider.

However the UK's consumer banking regulator, the Financial Conduct Authority recently released an interim report into the risks posed to customers by the adoption mobile banking and payments.

 

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