Monitise plc has announced the formation of Monitise India, a new organisation that will deliver a multi-bank, multi-operator mobile money platform for India.
The company will bring together a consortium of investors from across the financial services and mobile technology market. ICICI Bank, India’s second largest bank, has expressed its intent to participate and invest in Monitise India, subject to the appropriate approvals.
The new service will let customers of participating financial institutions manage their money and make payments on the move using their choice of mobile network and handset.
Consistent with its services in the UK and North America and the Reserve Bank of India’s Guidelines for Mobile Banking in India, the intended Monitise India mobile money service has been designed around the ‘ecosystem’ principle. This leverages existing banking standards, such as ISO 8583 & IFX, to connect regulated bank and card accounts with multiple mobile networks.
The planned services include balance enquiry, transaction reports, payments to merchants or other people, transfers between accounts, bill payment and the ability to top up pre-pay mobile phone accounts.
Alastair Lukies, Chief Executive, Monitise plc said: “We are delighted to announce the launch of Monitise India which will build a sustainable mobile money network across the country. Monitise India will combine our unique experience of working with multiple banks, mobile networks, regulators, payment providers and card schemes with the expertise of some of India’s most recognised companies.
“Since becoming a World Economic Forum Technology Pioneer in 2006, we have worked tirelessly to bring regulated financial services within the reach of all citizens. India is recognised as a global leader in mobile payments through the Reserve Bank of India’s recent published guidelines and it is exciting to have the opportunity to roll out a service that reflects these.”
Monitise has been working closely with its global partners and strategic shareholders, including Standard Chartered Bank which owns 10% of the company, to identify the appropriate markets and timing for the deployment of its platform. Monitise believes it is now well placed to benefit from the huge growth in the global mobile money space.
About ICICI Bank:
ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank and the second largest bank in the country with consolidated total assets of about US$ 100 billion as of December 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.
About Monitise plc
Monitise plc (MONI.L), the mobile money specialist, has created the world’s first mobile banking networks, which allow customers of multiple banks and mobile operators to undertake banking and payment transactions directly from their mobile handset.
With live services in the UK and the USA, where it has delivered the MONILINK and Monitise networks in partnership with VocaLink and Metavante Corporation respectively, the Company is currently working with international partners to deliver similar safe, secure mobile banking & payment services in territories worldwide.
Current key partners include VocaLink, Metavante, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G.
Monitise was recognised as a ‘Technology Pioneer’ by the World Economic Forum in 2006; ‘Mobile Innovation of the Year’ by The Banker Magazine in 2007 and awarded
the Innovation in Messaging Award 2007 by the Mobile Messaging Association.