Congratulations to our strategic partner Monitise for successfully closing its acquisition of Clairmail today. The deal combines two of the leading providers of mobile banking services for financial institutions, a move that has the potential to accelerate the growth of mobile money services globally.
Monitise and Visa have a long standing partnership – in fact, Visa Inc. is currently the leading shareholder in Monitise with a 12.4% equity ownership stake. Our alliance with Monitise has helped Visa to develop a comprehensive suite of mobile financial services that are already deployed by financial institutions in key geographies like the U.S and India, and are enabling Visa issuers to “mobilize” existing Visa card accounts.
The news of Monitise’s acquisition of Clairmail couldn’t have come at a better time. The majority of adults in countries like the U.S., Canada and the UK own smartphones capable of serving up sophisticated mobile banking and payment applications. In the U.S. alone, 25 percent of smartphone users say they mostly access the Internet and online services, like banking using their phone instead of a computer. Most importantly, consumers want these applications to come from a trusted entity. In a recent consumer survey by KMPG, 56 percent of consumers said they trust their financial institution or the major payment networks to handle their mobile commerce financial data.
Monitise and Clairmail have long provided mobile banking solutions to the world’s leading financial institutions. Together these companies help enable mobile banking for a third of the top 50 North American financial institutions (including 8 of the top 13) and serve 13 million registered mobile banking users across four continents. That’s impressive especially if you consider the slow uptake of mobile NFC-payments and the rising debate over when mobile payments will be widely available.
The combined Monitise-Clairmail expertise will benefit Visa clients around the world. In the U.S., Monitise and Visa have already developed a suite of mobile services that allow Visa issuers in North America to offer their account holders the ability to monitor account history and balances, transfer funds between accounts, and receive near real time transaction alerts on their mobile devices. In India, Visa and Monitise have formed a joint venture, Movida, a mobile payment service that enables mobile subscribers in India to pay bills, top up prepaid airtime and buy tickets from their mobile phone.
As mobile, internet and social networks continue converging, Visa and our client financial institutions will continue to look for ways to make mobile payments more seamless and secure, while enabling consumers to shop and pay wherever they are, with their mobile device of choice.
Posted by: Bill Gajda, Head of Global Mobile Product on June 26, 2012 at 7:48 am