New JV- Mobile Money Network

November 16 2010

Monitise plc announces joint venture to deliver mobile marketing and payments network

Monitise plc, the global leaders in Mobile Money, today announced a new joint venture to form the 'Mobile Money Network.'

The joint venture has been created by Monitise plc, Best Buy Europe and the personal backing of Charles Dunstone, founder of The Carphone Warehouse. Monitise will hold 40% ownership in the venture which has been created following previous discussions in December 2009.

The network will launch in 2011 with a range of exciting products and services to enable people to get the most from 'Mobile Money on the move'. The network will be an independent, trusted and secure one-stop shop for mobile services and be a place for the best technology and ideas within shopping, banking and marketing to come together.

Charles Dunstone said:

"Every year we see hundreds of exciting ideas in the space of mobile shopping, banking, payments and marketing, but what is required is a central, independent and trusted network to make it come alive. We believe we have the track record to play this role."

Alastair Lukies, Chief Executive of Monitise plc, said:

"Mobile banking and mobile payments are taking off at light speed, showing consumer appetite for convenient and secure services for their 'always with me' device."

The new joint venture will leverage the extensive retail experience of Charles Dunstone together with Monitise's proven world-class, bank-grade mobile technology. Monitise's services are used worldwide, with Monitise Europe providing access to its technology to more than 55% of the UK retail banking market; Monitise is also a key partner of Visa Inc, the world's leading global payments technology company.

In addition, Best Buy Europe will not only become the first retail partner but also make an investment in the venture as part of its belief in the growth of mobile commerce over the coming years.

Andrew Harrison, Chief Operating Officer of Best Buy Europe said:

"Retailers need to be at the forefront of how consumers are using technology. And so we are really excited to be the first retail partner of the Mobile Money Network. We have 800 stores in the UK but can now open up another 60m plus mobile phone based virtual storefronts through this venture"

The Mobile Money Network will make further announcements over the coming weeks and is already working with a large number of high street brands and financial service providers to join this win/win network.

ENDS

Notes to editors

About Monitise

Monitise plc (LSE: MONI.L) is a global leader in Mobile Money solutions, with the proven technology and expertise to enable financial institutions and other service providers to offer a wide range of mobile banking and payments services to their customers in both developed and developing territories.

With live services in the UK and in the USA, where it is in partnership with FIS, the company is currently working with international partners to deliver similar safe, secure mobile banking and payment services in territories worldwide, including India and the Asia Pacific region. Current key partners include Visa, VocaLink, FIS, HSBC, Lloyds TSB, First Direct, Royal Bank of Scotland, NatWest, Travelex, Ulster Bank, Standard Chartered Bank, Vodafone, Orange, O2, T-Mobile, 3 UK, The Carphone Warehouse and First Eastern.

For more information visit http://www.monitisegroup.com 

About Best Buy Europe and The Carphone Warehouse

In 2006 Best Buy established a partnership with the Carphone Warehouse to bring its business model and mobile phone expertise to the US market under the banner 'Best Buy Mobile'. Two years later, Best Buy acquired 50% of the Carphone Warehouse's European and US retail interests for £1.1billion, creating Best Buy Europe.

The new venture is designed to accelerate the development of Carphone Warehouse's retail proposition and to introduce Best Buy stores across Europe, beginning in the UK in spring 2010. For more information go to www.bestbuy.co.uk

About Charles Dunstone

Charles is the founder of Carphone Warehouse and chairman of Carphone Warehouse Group PLC. Charles led the growth of Carphone Warehouse both before and after its flotation on the London Stock Exchange in 2000 to become one of Europe's largest independent retailers of mobile phones. He was also instrumental in constructing Carphone Warehouse's transactions with Best Buy including the successful growth of Best Buy Mobile in the United States since 2006 and the Best Buy Joint Venture. Charles is also chairman of TalkTalk, chairman of The Prince's Trust and a non-executive director of The Daily Mail & General Trust Plc and Independent Media Distribution Plc.