Monitise launches The Mobile Network

Joint venture aims to help users get the best from mobile money on the move

Upwardly mobile: Monitise's latest venture is to be a one stop shop for all mobile needs

Monitise has launched the Mobile Money Network to act as a one-stop shop for mobile services.

The joint venture between Morse spin-off Monitise and Best Buy Europe has the personal backing of Charles Dunstone, founder of the Carphone Warehouse. Monitise will own 40 per cent of the venture, which has been created after discussions dating back to December last year.

It is set to launch next year with a range of products and services to help users get the most from mobile money on the move, incorporating shopping, banking and marketing on the same network.

Hailing the launch, Charles Dunstone, said: "Every year we see hundreds of exciting ideas in the space of mobile shopping, banking, payments and marketing, but what is required is a central, independent and trusted network to make it come alive. We believe we have the track record to play this role."

Alastair Lukies, chief executive of Monitise, said: "Mobile banking and mobile payments are taking off at light speed, showing consumer appetite for convenient and secure services for their always-with-me device."

Best Buy Europe will become not only the first retail partner but has made an investment in the venture to back up its belief in the growth of mobile commerce over the coming years.

Andrew Harrison, chief operating officer at Best Buy Europe, said: "Retailers need to be at the forefront of how consumers are using technology. And so we are really excited to be the first retail partner of the Mobile Money Network. We have 800 stores in the UK, but can now open up another 60 million-plus mobile phone-based virtual storefronts through this venture."

The Mobile Money Network is set to make further announcements over the coming weeks and is already in negotiations with a number of high-street brands and financial service providers to join the network, according to the statement.