Visa launches moble payment network

Visa has teamed up with Monitise to develop a mobile payment network, signing a $16 million deal to enable mobile phone users to securely pay with Visa’s remotely.

The credit giant has taken a 14.4 % stake in the mobile banking company Monitise.

This move comes as the Global System for Mobile communicators Association released figures showing the number of mobile phone users has reached four billion and is expected to grow to six billion by 2013.

The five-year agreement aims to pair Visa’s brand and reach with Monitise’s platform and toolkit.