Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
29th March 2011
Stuart rose chairs Mobile Money Network - company launches Simply Tap
The Mobile Money Network announced the appointment of Sir Stuart Rose as non-executive chairman and Lord Davies as a non-executive director. Stuart Rose is one of Britian's most successful retail leaders having turned around several major retailers. Lord Davies is a former Minister of Trade and before that was chairman of Standard Chartered Bank.
The Mobile Money Network is a joint venture between Monitise, Best Buy Europe and Charles Dunstone, founder of the successful mobile phone chain, Carphone Warehouse.
The first product to be offered is Simply Tap, this allows registered members to be able to buy any product or service via their mobile by simply entering a special product number. The service does not demand a sophisticated smartphone as the number can be sent via text, email or entered into a browser or App. The idea is that upon registration people enter identity details, card and / or bank details and main address to send items so leaving the product code and any validation as the only things required to be added for any particular transaction.
"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," says Sir Stuart Rose, MMN Non Executive Chairman. "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."
"Mobile Money Network is different as, from day one, we are bringing together businesses to collaborate and deliver a simple, unified and mass market proposition for consumers. We have the technology to enable more retailers to take advantage of the opportunity and provide consumers with a service they're calling out for," commented John Milliken, MD of Mobile Money Network.