IBM and Monitise announced today a global partnership to develop cloud-based mobile commerce solutions for financial services institutions adopt mobile channels. The multi-year program aims to combine Monitise’s expertise in mobile banking and e-payments with IBM’s MobileFirst portfolio offerings.
London-based Monitise will also move all its production hosting and cloud requirements to IBM, according to the deal.
“As the market for mobile payments is expanding, we are continuing to invest in the IBM MobileFirst portfolio to address this opportunity,” said Steve Mills, Senior Vice President and Group Executive. “The combination of our capabilities with Monitise will provide value to our clients, enhance the customer experience and drive business growth.”
As the smartphone penetration keeps rising around the world, the revenues from consumer-originated mobile payments are predicted to increase from $249 billion worldwide in 2012 to over $460 billion in 2022. To ensure better targeted services, financial services providers need to deploy new digital and mobile money solutions.
“Central to our strategy and collaborations is a drive to enable the businesses (…) to adopt solutions that help them engage more effectively with existing customers and unlock new commercial opportunities,” said Alastair Lukies, Chief Executive of Monitise. “At a time when money is becoming more digitised, this strategic alliance with IBM will support financial institutions across the world in developing effective cloud-based strategies that make a real difference to consumers’ lives.”
The two have already been working for Visa Europe since last September, to improve the latter’s ability to provide member banks with new mobile banking, payment and commerce services in the cloud for its customers.
Monitise claims 30 million registered consumers for its patented technologies.