Under the terms of the deal, the application is set to be a white-label solution that brands can customise. Payments processed through the application will function in the same way that e-commerce payments are processed today. US Bancorp will store the financial information that is used with the application on its payment network to make this information accessible by consumers and retailers.
In recent news, Monitise has unveiled the acquisition of Pozitron Yazilim, a privately-owned mobile technology company based in Turkey, delivering mobile banking, payments and commerce solutions to businesses in its home market, the Middle East and internationally.
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