Under the terms of the deal, Monitise is expected to hold 40 percent ownership in the venture. The new joint venture combines Charles Dunstone’s retail experience with Monitise’s mobile technology.
Monitise’s services are used worldwide, with Monitise Europe providing access to its technology to over 55 percent of the UK retail banking market. In addition, Monitise is a partner of Visa.
The Mobile Money Network is expected to launch in 2011.
Most recently, Monitise has rolled out an enhanced mobile money technology platform set to enable the delivery of integrated mobile banking and payment services to consumers worldwide.
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