Monitise, Metavante Partner For Mobile Money in UK

In the UK, Monitise and Metavante have announced that they are working with Carphone Warehouse to launch a “mobile money” scheme that includes the introduction of a Carphone Warehouse prepay card managed directly from the mobile phone that can be used to shop in millions of outlets worldwide.

The deal is the result of a partnership with Metavante Technologies Ltd., a leading provider of prepaid and licensed software in Europe, and Monitise plc, the company behind the MONILINK mobile banking and payments network.

The service will include full mobile management, similar to that used by customers of many of the UK’s major banks to manage their money on the move. Using a secure application stored on the mobile handset, customers will be able to “top-up” their card directly from their bank account while, also keeping a close eye on their recent transactions.

Prepay cards work in the same way as a prepay phone, in that you can only spend up to the value of credit you have at the time. This offers consumers the convenience of shopping online or by phone while protecting them from overspending. This also makes the cards fantastic gifts, since the funds are securely held and can be easily “topped-up” whenever the next special event comes round.

“Our customers look to us to help them get more from their mobile phone or online experience,” said Andrew Harrison, CEO at the Carphone Warehouse. “We’ve achieved this by creating award winning packages with the best possible value on the high street. The Carphone Warehouse prepay card, backed by mobile money management, will offer consumers a fantastic new way to manage their money whilst also ensuring that they get full value from our great offers.”

Whatever the reason for getting the card, customers will always feel in full control as they will be able to check the balance, view recent transactions and even move money onto and off the card using their mobile phone 24 hours a day, seven days a week.

“Prepay cards really represent a revolution in consumer finance. In the United States we already process over 80 million payment cards for consumers through a whole range of distribution partners,” Frank Martire, president and CEO, Metavante Corporation. “Consumers tend to use them to budget and manage their day to day spending. They make great gifts for the kids, particularly for online shopping, as you can control the amount they spend. They are also great for holidays as you can use them anywhere in the world, just like a plastic traveller’s cheque.”

Alastair Lukies, CEO of Monitise plc added, “Carphone Warehouse is quite simply the brand of choice for consumers when it comes to mobile phones, accessories and broadband. They brought mobile phones to the mass-market of consumers and then did the same with broadband, taking it from a niche service to one that is today found in most households in the UK. The launch of the Carphone Warehouse prepay card will change the way consumers shop and manage their money, while also making online and telephone shopping more convenient and secure.”