Visa JV in India

26 May 2010

Monitise plc

Monitise and Visa to Launch Joint Venture in India

Joint venture enables financial institutions and mobile network operators to meet consumer demand for secure, mobile financial services

Monitise plc, (LSE:MONI.L) the world leader in mobile money networks and technology,and Visa Inc. (NYSE: V), the world's largest retail electronic payments network1, announce the formation of a 50/50 Joint Venture that will provide a technology platform for financial institutions and mobile network operators in India to offer a range of mobile financial services to consumers.

The new company will combine Visa's expertise in enabling secure, globally interoperable financial transactions with Monitise's know-how in developing mobile financial networks and technology for a broad range of handsets.

The joint venture will give providers of financial services in India a platform to accelerate the delivery of mobile financial services such as banking, bill payments, ticketing services, mobile top-up and others to consumers.

India is the world's second largest mobile market with an estimated 584 million mobile phone subscriptions as at 31 March 20102.

Alastair Lukies, Chief Executive Officer of Monitise, said:

"This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single secure and convenient link to offer a wide range of services via a mobile. India's mobile market offers tremendous growth opportunities for this joint venture and for our customers."

Elizabeth Buse, Group Executive, International, Visa Inc. commented:

"Creating this joint venture is a crucial step that can help expand the acceptance of digital currency in India and enable the migration of $700 billion of annual consumer spending from cash to electronic forms of payments. Together, Visa and Monitise can provide banks and mobile network operators in India the scale, security, and reliability required to make mobile money a reality for consumers."

Monitise delivers unique expertise that facilitates customised development of mobile financial services for a broad range of handsets. Monitise already serves the needs of over 200 banks and financial institutions in the UK and USA to deliver similar safe, secure mobile banking and payment services to over two million registered users.

The Joint Venture transaction is expected to complete in June 2010. Both shareholders will be contributing resources to the joint venture, and an outstanding local team of experts in their fields is being put together. Discussions with a wide variety of potential launch partners are well underway.

1 Based on payments volume, total volume, number of transactions and total number of cards in circulation.

2 Source: Telecom Regulatory Authority of India

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About Monitise

Monitise plc (LSE: MONI.L) has created the world's first mobile money networks, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset.

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. Current key partners include Visa, VocaLink, FIS,

First Eastern, HSBC, Lloyds TSB, First Direct, Royal Bank of Scotland, NatWest, Travelex, Ulster Bank, Vodafone, Orange, O2, T-Mobile and 3 UK.

For more information visit www.monitisegroup.com

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks-VisaNet-that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com