Monitise signs new mobile banking contract with Virgin Money

5th Dec 2014 08:25

Mobile payments group Monitise has signed a seven-year deal with Virgin Money to help develop its digital banking services.The agreement, which extends a commercial relationship between the two companies that has been in place since December 2013, will see Virgin use Monitise's Mobile Money network.Mobile Money connects organisations to consumers via its 'Bank Anywhere', 'Pay Anyone' and 'Buy Anything' product suite."The Virgin brand is synonymous with success and ambition across all of the sectors it operates in, and banking is no different. There are significant opportunities ahead for Virgin Money in the digital space," said Monitise's co-chief executive Alastair Lukies."We're looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money."Monitise said over 30m users have registered for its mobile technology, accounting for $88bn of payments, purchases and transfers annually.The stock rose 3.5% to 30.8p by 08:31.