It seems like a match made in mobile heaven.
Monitise has announced a “global strategic alliance agreement” with Visa International Service Association, a subsidiary of Visa Inc.
The reported five-year agreement combines “Visa’s unmatched reach, payments expertise and trusted brand with the Monitise Mobile Money platform and toolkit.”
Basically, Monitise will be an enormously helpful vehicle for Visa’s already teeming offering of mobile services (including payments, transaction alerts and special offers) by providing support and even greater reach to the millions of Visa customers with mobile phones.
Although not many details have yet emerged, the news of the partnership is considered significant and an incredibly beneficial arrangement for Visa, which in recent months, has found increased competition in the mobile marketing realm from both Mastercard and American Express.
According to the announcement by Monitise, the five year contract value amounts to $13 million dollars.