MMN prepares for ‘Simply Tap’ mobile money launch

The Mobile Money Network (MMN) has appointed Sir Stuart Rose as non-executive chairman and Lord Davies of Abersoch as a non-executive director ahead of its mobile purchasing ‘Simply Tap’ launch.

MMN’s first service, which is due to be launched tomorrow, will allow users (with any mobile phone, on any network and with any bank) to buy products from retailers signed up to Simple Tap, wherever they are.

Consumers will go through a one-off registration process to secure payment details, such as a credit or debit card number and delivery address, and then be able to type a product code in to the service through a mobile app or via a text message before the item is paid for and delivered.

“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,” said Rose. “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.”

Speaking at MediaTel Group’s Come on Mobile… Stand Up and Deliver! event, Richard Johnson (pictured), chief strategy officer of Monitise – a MMN joint venture partner, said mobile will play an important role in the way people manage their money in the future.

Johnson said emerging markets have seen the fastest adoption to mobile money and used Russia as an example of having more advanced models, where telecommunication companies are managing transactions, not banks (the regulator has authorised $500 airtime spend).

He believes one day the UK market will see people using their mobiles for transactions, whether via airtime, a virtual account or their credit/debit card.

MMN – the joint venture between Monitise, Best Buy Europe and Carphone Warehouse founder Charles Dunstone – says it wants to put “the mobile device at the heart of the consumer shopping experience”.

MMN claims to be in discussions with 17 of the top 20 UK high street retailers and leading financial institutions about the forthcoming roll-out.