U.S. Bank and the mobile money solutions provider Monitise today announced an agreement to accelerate the delivery of a product discovery and shopping service that the companies say will make it easier for top-tier retailers to help consumers interact with and buy from leading brands via mobile.
U.S. Bank and Monitise will develop a mobile shopping experience that includes product selection and instant checkout payment capabilities. Leveraging digital and audio watermarking and scanning technology for product discovery, an initial pilot will integrate mobile action codes, mobile shopping and mobile payments.
Dominic Venturo, chief innovation officer for U.S. Bank Payment Services, said developing mobile money services has been a key focus for the company.
"Technology is creating new ways to bank and buy, and U.S. Bank is committed to playing a leading role in the digital commerce revolution as money becomes more mobile," he said in the release.
"As mobile technology accelerates the convergence between the offline and digital worlds of banking, payments and commerce, banks are identifying new revenue streams and driving value for both retailers and consumers," Lisa Stanton, president of Americas at Monitise, said in the release.
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