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Monday, March 28, 2011

The Mobile Money Network plans 'Simply Tap' mobile payment service

The Mobile Money Network, which was founded by Charles Dunstone, Monitise plc and Best Buy Europe last year, says it’ll reveal details of its first service tomorrow.  New non-executive Chairman Sir Stuart Rose is set to announce Simply Tap, a service that’ll allow consumers using any mobile phone on any network to buy anything from retailers signed up to the platform.

Simply Tap is based on the Monitise secure technology platform and will allow shoppers to register any credit or debit card for mobile payments. Products advertised online or in newspapers and magazines can then be purchased via the Simply Tap mobile app or by sending an SMS text message.

Sir Stuart Rose, non-executive Chairman at MMN, said “The number of mobile subscribers across the globe has reached almost 5.5 billion with 750 million in Europe. This represents a massive commercial opportunity for retailers if they can take advantage of it. I am incredibly excited to be involved in the Mobile Money Network. It is a fresh concept set to act as a catalyst for three major industries – retail, banking and marketing. With Simply Tap, MMN is making the mobile a relevant, useful and fun part of an existing shopping experience. At a time when consumers are short of time but demanding instant gratification, this proposition delivers. The potential is huge and I look forward to the journey.”

Best Buy Europe is expected to be the MMN’s first retail partner.

Author: The Fonecast
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