IBM and Monitise have announced an agreement that is hoped to boost Visa Europe’s ability to provide its member banks with new mobile banking, payment and commerce services in the cloud for its customers.
It’s clear there’s plenty of demand for such services – Visa predicts that by 2020, more than half of its transactions will be carried out on a mobile device.
IBM will help Monitise extend and scale the adoption of these services with Visa Europe and develop additional services to bring to the mobile marketplace, according to the firms.
Visa Europe CIO Steve Chambers said, "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."
Today there are 466 million Visa accounts in Europe accounting for one in every 6.75 euros spent daily. With these new enhanced mobile services provided by Monitise and IBM, Visa Europe hopes to enable its 3,000-plus member banks across 36 countries to increase their share of these transactions and accelerate the scale of their mobile offerings to meet evolving customer banking needs.
By supporting Monitise solutions with IBM’s Smarter Commerce initiative, member banks from Visa Europe can accelerate the deployment of a broad range of mobile services on all types of devices, the companies said. These mobile services enable its customers to more easily manage their money, make transactions and connect with relevant retailers from their mobile device.