Monitise PLC and Visa Europe have agreed to a new three-year deal to further develop mobile payments and mobile commerce for Europe's top banks.

The extension of the companies' past partnership provides minimum revenue of 45 million euros ($59 million U.S.) over the three-year agreement for Monitise, the London-based mobile pay technology provider announced March 6.

Visa Europe owns 7.5% of the shares in Monitise via an investment that forms part of its strategy to deliver increased value for financial institutions and consumers through enabling and supporting mobile payments, Monitise says. Monitise has also granted Visa Europe the opportunity to purchase 43 million shares of the company when the agreement becomes final.

Terms of the new agreement, including licensing rights to Monitise's technology, have been signed but a future announcement will confirm a final contract agreement with Visa Europe.

Monitise says Visa Europe has been a mobile payments partner since February 2011 as the companies deploy new services to more than 3,000 member banks and financial institutions across 36 countries.

"Payments is about partnerships and Visa is the industry benchmark for trusted payments innovation globally," Lee Cameron, Monitise's chief commercial officer states in a press release.

Monitise is a strategic partner with both Visa Inc. and Visa Europe, which became independent of Visa Inc. in 2007.

Last summer, Monitise acquired the U.S.-based mobile banking provider Clairmail Inc.

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