On 9th June 2014, global leader in mobile money – Monitise - announced a new partnership with Yapı Kredi Bank, one of Turkey’s largest banks, to offer Nuvo – a ‘branchless banking’ service with mobile commerce capabilities. Nuvo enables customers to open accounts and complete all their transactions via mobile and internet banking, removing the need to ever visit a branch
“Monitise is thrilled to continue its long-standing partnership with Yapı Kredi bank, a leading innovator in the Mobile Money space in Turkey, with the introduction of Nuvo. With nearly half of Turkish internet users now banking via mobile, today’s consumer values a seamless, secure, and enjoyable banking experience,” stated Fatih İşbecer, CEO of Monitise MEA, in a press release. “This new service is a fantastic example of how this can be achieved,” he added.
- Nuvo enables consumers to manage their money and take advantage of mobile shopping and commerce services in their own time and from anywhere.
- Account features include competitive interest rates, free account transactions and money transfers, and perks such as Yapı Kredi’s World Gold or Play Card loyalty programmes.
- In addition to delivering banking convenience, Nuvo offers exclusive shopping benefits to its users, including discounts and reduced delivery costs.
- The number of transactions made via smartphones set to double in 2017 and mobile payment transaction volumes estimated to quadruple in size to reach $1.3 trillion according to Yapı Kredi Bank.
- The bank says that it will draw on the combination of Monitise’s heritage in mobile banking and its commerce expertise, bridging commerce with banking to provide a leading consumer experience.
- Monitise has worked with retailers such as eBay, ING, Turkish Airlines, B&Q, Carphone Warehouse, Premier Inn and Hepsiburada.com.
“Nuvo is an exceptionally exciting product. Its launch speaks volumes about the power of technology to transform consumer banking and commerce, enabling banks to stay competitive, drive new forms of revenue and play a bigger role in their customers’ lives,” commented, Peter Radcliffe, President International at Monitise, in the same release. “This is another great example of the role Monitise is playing at the centre of the Mobile Money ecosystem, connecting brands and fostering collaboration to provide an engaging consumer experience.”
Yapı Kredi is one of the largest private banks in Turkey, with ten million customers and 143 billion Turkish Lira in assets under management. Monitise (formerly Pozitron) has been working with Yapı Kredi since 2010, developing its core banking app for eight platforms. Yapı Kredi, whose main shareholders include UniCredit Group, maintains a leading position in value-generating services and products leveraging innovative banking technologies.
Nuvo is currently available on iOS and Android, in both Turkish and English. Yapı Kredi estimates that Nuvo will have over 300,000 customers in its first year, with one million active users within five years.