Visa Inc. has announced its intention to invest £6.6 million in London-based mobile banking and payments service provider Monitise plc to increase its stake to 14.4%. Earlier the company has announced that the existing agreement with Monitise was prolonged to 2015. 

Last June Visa invested $13 million in the company by signing a 5-year strategic agreement called "Global Alliance Agreement". Under the agreement Monitise was to develop technology to provide SMS alerts and secure payments to 2 billion clients of Visa worldwide. 

During the last 2 years Visa has partnered with a number of financial institutions, mobile network operators and technology providers in order to smoothen and commercialize the mobile banking services for an enhanced consumer-base across the globe. The company believes that such partnerships will help to popularize the company service and to provide access to online payment services to more people worldwide.