Boston, MA 04/11/2014 (wallstreetpr) – MasterCard Inc. (NYSE:MA), in a bid to boost its mobile money services has partnered with London based Monitise, a provider of a wide array of banking and payment services. Monitise is seen as the perfect partner for MasterCard as the latter strives to accelerate its mobile commerce globally. It is also being reported that MasterCard is planning to buy a minority stake in Monitise as a way of strengthening their partnership going forward.
MasterCard Focusing on mCommerce Growth
MasterCard Inc. (NYSE:MA) has in the recent past been focused on growing its mCommerce platform that seems to be picking up well in the era of smartphones and hand held devices. The company has already made it, having developed a secure mobile payment services that continue to be convenient and user friendly.
Partnering with Monitise is a sensible strategy considering the latter controls a huge expansive network that should be adequate in strengthening the former’s competitive edge in the market. Monitise is already partnering with over 350 renowned banks and initiates transaction payments of up to $3.5 billion annually as well as $70 billion worth of payments.
The Partnership to Focus on Rural Areas
Going forward, the two partners look set to focus more on rural areas that have over the years been neglected despite having huge potential for growth. Such partnerships are always efficient in increasing brand royalty while at the same time guaranteeing increased revenue stream. Other card masters are also seeking partnership with other companies as a way of venturing more into the ever growing mCommerce business.
MasterCard Inc. (NYSE:MA) partnership with Monitise comes at the back of Russian President indicating that Russia might be forced to develop its own payment transaction amidst economic sanctions that continue to be imposed on the country. The US has already blocked some transactions that were being carried out by some of the major card holders something that is greatly affecting the country.
MasterCard Inc. (NYSE:MA)’s shares were down on Thursday trading session by highs of 3.25% consequently closing the day at a low of $71.17.
