Following Visa Europe's six year build and €0.5 billion investment in a new European inter-bank processing service, this agreement will leverage this platform and accelerate the development and commercialisation of large scale mobile payments and services.

The exclusive partnership gives Visa Europe a licence to Monitise's world-leading mobile technology. Monitise will act as an advanced development engine for Visa Europe, enabling it to provide its member banks with a rapid go to market mobile payments service in Europe. Initially this will include the development of Visa Europe's mobile platform for mobile contactless payments, mobile alerts and person to person payments followed by account management, loyalty applications and mobile e-commerce.

Peter Ayliffe, Visa Europe Chief Executive said, "We've created an inter-bank processing service without equal in Europe. This agreement now places us in an undisputed position to deliver mobile services with incredible scale and processing efficiency in the mobile arena, enabling Visa Europe's member banks to offer mobile payment services direct to their customers – consumers and retailers."

Alastair Lukies, Chief Executive of Monitise plc, said: "This deal is a major step forward in Monitise's relationship with Visa Europe. Mobile banking and payments users with smartphones check their accounts on average 16-18 times a month, three times more than via internet banking. We are honoured by this exclusive partnership with Visa Europe, which will help consumers benefit from growing mobile money innovation."