The Mobile Money Network Ltd. received a boost from Visa Europe. The company announced Visa Europe intends to take a 15 percent stake in the company as a part of its strategy to deliver increased value for consumers, retailers and financial institutions through mobile payments.

Through the partnership, Visa Europe and MMN will launch several m-commerce initiatives in the U.K., the company said in the announcement.

"This agreement is another step in the delivery of our mobile payments strategy," said Visa Europe's chief executive Peter Ayliffe. "We are working with partners and organizations across the mobile ecosystem to make the future of payments a reality for consumers, for retailers and for financial institutions."

Ayliffe said the company predicts that by 2020 more than half of all Visa transactions will be carried out on a mobile device.

"Our investment in the Mobile Money Network will support our aim to deliver a wide range of secure and reliable mobile payment services that help our members tap into the potential of m-commerce," Ayliffe said.

MMN is a joint venture between Monitise, Best Buy Europe (including Carphone Warehouse), Visa Europe and Charles Dunstone. The company was announced in March 2011 to make cross-channel sales easier for consumers, whether a purchase happens in-store, online or via a mobile device.

MMN launched a mobile checkout app called Simply Tap in November to make buying on a mobile device more convenient. The app lets consumers purchase items they see in print or online and then enters all the necessary information to have the item shipped directly to the consumer's address. With the new agreement with Visa Europe, consumers will be offered coupons through the Simply Tap app, the company said.

"Together, Visa Europe and MMN will enable retailers to offer their customers a simple, unified instant mobile checkout that can be used to accelerate revenues and conversion through all their sales channels," said MMN Chairman Sir Stuart Rose said. “The future of retail is mobile.”

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