According to CruxialCIO, IBM will expand its partnership with Monitise, a provider of mobile payments products and services, to help create tools for cloud-based mobile commerce for use by banks, retailers, payment companies and others. These companies first got together in 2013 to develop mobile banking and payment services for Visa Europe.
The companies said they would work to provide financial institutions with data analytics and location-based services aimed at helping customers receive targeted services in-store, as well as offer new digital and mobile money systems while reducing costs and creating new sources of revenue for financial service providers.
The companies will work with IBM Ready Apps and Monitise will also use IBM’s ExperienceOne customer engagement tools and receive guidance from IBM Interactive Experience group.
Monitise, who processes $88 billion in payments, purchases, and transfers each year, plan to move its production hosting and cloud requirements to IBM.
IBM recently reported $24.4 billion in revenue for the second quarter of 2014, a 2% decline from the year before. Their profits were up by 28% to $4.1 billion. Though hardware revenue dropped by 21% from the year-ago quarter, cloud revenue increased by more than 50%, mobile revenue by more than 100%, and moderate growth for security and business analytics revenue.
By 2018, annual retail payments via mobile devices will reach $707 billion, making up 30% of all electronic retail. Last year, that figure was $182 billion, with mobile making up 15% of the total.
Last week, IBM announced that it would partner with Apple to create new tools and apps for enterprises looking to manage their workforce mobility, as well as to sell Apple devices directly to business customers.
