Monitise, ViVOtech Do NFC M-Payments

Customers of participating banks will be able to turn handset into mobile wallet

December 7, 2010

1 Min Read

LONDON -- Monitise (LSE: MONI.L), a global leader in mobile money solutions, has joined forces with leading near field communication (NFC) software developer ViVOtech, to deliver mobile phone payments services to banks across the United States.

The partnership means customers of participating banks will be able to turn their handset into a mobile wallet (linked to registered bank accounts, credit and debit cards) and purchase items using contactless payments at merchants with NFC capabilities.

In addition to contactless payments, service users will be able to transfer money from their registered accounts to other bank accounts, perhaps in response to an overdraft alert or to friends and family. The service will also deliver retail coupons and discounts directly to the user on their mobile phone.

From the commercial perspective, the partnership offers banks and other financial institutions a world-class, secure mobile financial management and purchasing service which they can deliver to their customers.

This NFC service will be delivered through the combination of ViVOtech’s over-the-air (OTA) software and Monitise’s Mobile Money technology.

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