The mobile payments revolution is continuing at a rapid pace across Europe. And there’s good reason for it. In Europe, there are 445 million Visa debit, credit and commercial cards. 14% of consumer spending at point of sale in Europe is with a Visa card, and almost 80% of that is on Visa debit cards.
On Thursday, The Mobile Money Network (MMN) – a mobile services developer – announced that Visa Europe intends to take a 15% stake in its business.
Providing mobile commerce and payments services for retailers, MMN says the investment speaks to Visa Europe’s strategy to deliver increased value for consumers, retailers and financial institutions through mobile payments.
According to details announced this morning, Visa Europe and MMN will implement a number of m-commerce initiatives in the UK in 2012.
“This agreement is another step in the delivery of our mobile payments strategy,” confirms Peter Ayliffe, Chief Executive of Visa Europe.
“We are working with partners and organizations across the mobile ecosystem to make the future of payments a reality for consumers, for retailers and for financial institutions,” he says. “By 2020, we predict that more than half of all our transactions will be carried out on a mobile device. Our investment in the Mobile Money Network will support our aim to deliver a wide range of secure and reliable mobile payment services that help our members tap into the potential of m-commerce.”
As part of the agreement, Visa Europe will also take a seat on the MMN board.