In the UK, Monitise has partnerships with the majority of Britain’s high street banks. In the USA, its joint venture with FIS, one of the world’s largest providers of banking technology, already has over 100 financial institution partners and is growing fast.
Monitise’s Mobile Money Manager platform is now handling transactions at the rate of 25 million per annum. Transaction volumes are growing fast, making Monitise a clear leader in the market.
Customer uptake is growing across Monitise’s broad range of services from activating debit cards, to texting for a balance on the move and on to alerts to help people avoid going overdrawn. People are already regularly transferring money and paying bills by mobile phone.
Commenting on the milestone, Alastair Lukies, CEO of Monitise, said: “I’m very pleased to say that Monitise’s technology and software is fast becoming the mobile banking and payments platform of choice for some of the world’s largest banks and financial institutions. Through them we are changing the way people interact with their bank and manage their money.
“The great news for all of our million customers is that by registering just once with Monitise’s system, via their bank, they are immediately ready to adopt the next generation of banking and payments services as new technology and offers are released.”
A recent global survey by CGAP predicts that the mobile payments market could be worth as much as £365 billion by 2013, with 110 million users in Europe alone by 2014.
In June this year Monitise signed a five year Global Alliance Agreement to supply its Mobile Money Manager platform to Visa Inc. which has 1.7 billion card-holders across the world.
Current key partners include VocaLink, FIS, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Ulster, Visa, Vodafone, Orange, O2, T-Mobile and 3.