U.K.-based mobile payments provider Monitise and IBM have teamed up to boost Visa Europe's ability to provide member banks with cloud-based mobile banking, payment and commerce services.

IBM will help Monitise extend and scale the adoption of the services with Visa Europe and develop additional services to bring to the mobile marketplace, the companies said in a news release.

By supporting Monitise solutions with IBM's Smarter Commerce initiative, the announcement said, member banks from Visa Europe can accelerate the deployment of a broad range of mobile services on all types of devices, enabling customers to use mobile device to manage money, conduct transactions and connect with retailers.

Visa predicts that by 2020 more than half of its transactions will be carried out on a mobile device. Today there are 466 million Visa accounts in Europe, the company said, accounting for one in every €6.75 spent daily. Visa Europe said it has more than 3,000 member banks across 36 countries.

The new offerings will be based on Monitise's "Bank Anywhere, Pay Anyone and Buy Anything" solutions, including applications for customers to manage their accounts, transfer money and pay other individuals and buy products from online and in-store retailers.

The companies said the joint engagement is the beginning of a wider multi-year agreement to offer mobile solutions to businesses in the growing mobile money ecosystem.

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