Early fruits of Clairmail buy-out
Britain’s mobile payments specialist Monitise has built on its acquisition of Clairmail earlier this year by forging a new alliance with Canada’s Bank of Montreal.
One of the country’s big five banks and formed in 1817, the Bank of Montreal – or BMO as it is commonly known – will use Monitise’s technology to integrate smartphone apps, mobile web services and SMS offerings.
Last month [November 2012], BMO rival CIBC carried out Canada’s first NFC mobile credit card payment through an alliance with telco Rogers.
It’s reckoned that around 44 per cent of Canadians now use smartphones with a third of that percentage using their handsets to interact with their bank.
Monitise bought US rival Clairmail for $173 million in March this year in a move designed to give it a bigger presence in the North American and Canadian markets, at the same time growing its customer base to more than 13 million.
Meanwhile credit-card firm Visa, a major investor, is said to be processing $25 billion (£15.6 billion) annually in payments through its services, compared with $1 billion a year ago.
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