Atlanta, GA, October 9, 2013 — Monitise pic (LSE: MONI) today announced a major expansion of the Monitise Commerce Network (MCN), giving financial institutions new opportunities to rapidly deploy valuable mobile wallet capabilities to consumers and merchants. The network allows financial institutions to capitalise on new sources of commerce-related revenue, while lowering associated risks and costs through an internationally collaborative approach.
Amid partnerships with Visa Inc. and Visa Europe, which predicts that by 2020 more than 50% of its transactions will be initiated via mobile, Monitise works with more than 350 banks and financial institutions and an increasing array of businesses such as IBM, TelefonicaDigital, Cognizant and CGI to deliver mobile banking, payments and commerce services.
New partners in Monitise’s commerce network include Rewards Now for loyalty and rewards programs and Acculynk for secure mobile transactions. These partnerships follow Monitise’s recent collaborations with Blackhawk Network for mobile gift card purchasing, Venda, the on- demand ecommerce provider, and a growing number of businesses tapping into mobile commerce capabilities.
Payment and commerce features delivered through the network include:
Mobile gift card purchasing In-store and mobile commerce payments Loyalty and rewards programs Targeted offers and coupons Secure mobile debit transactions for multiple forms of mobile payments
“Every day, more businesses and consumers are turning to mobile as their preferred way to bank, pay and buy. Our commerce networkenables financial institutions to leverage the high engagement of a mobile banking application into new, commerce-related revenue opportunities, tying together the mutual value merchants and consumers receive via a bank’s existing mobile application or a mobile wallet,” said Lisa Stanton, President of Americas at Monitise. By leveraging a cloud-based approach, Monitise curates the best content partners while managing technical and contract terms, which minimises resources and risk for financial institutions wanting to extend into new revenue models. Mobile banking application usage continues to increase among consumers, averaging around 30 interactions per month. This unrivalled level of engagement versus branches, the web and ATMs provides banks with a unique opportunity to monetise consumer mobile use with a differentiated, secure and ‘always-on’ experience. More than half of US consumers* trust financial institutions to conduct transactions over a mobile device, giving banks an undeniable opportunity to extend their core customer relationship into a commerce orientation, where merchants, consumers and content providers all benefit.
Monitise Group Chief Executive Alastair Lukies commented: “The next evolution of banking will revolve around leveraging data about merchants and consumers to deliver real value through a mobile wallet. Our growing network of global partners delivers the necessary content and features for financial institutions to realise this future and take advantage of new revenue streams. We are simplifying the complexity of the Mobile Money space, helping our partners to generate new revenue streams through mobile via a cost-effective single point of connection.”
*More than half of US consumers trust their banks according to a recent Monitise study conducted in collaboration with Cognizant.
About Monitise Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise's technology platforms and services to securely connect people with their money.
Already 24 million consumers benefit from our patented technology to 'bank anywhere', 'pay anyone' and 'buy anything' accounting for $50 billion of payments, purchases and transfers annually. More information is available at www.monitise.com