London-based mobile banking and payments provider, Best Buy Europe and Carphone Warehouse founder Charles Dunstone have established a joint venture called Mobile Money Network that has launched an instant mobile checkout service.

Simply Tap is built on Monitise’s mobile payments platform and enables consumers to enter payment card details once and pay for goods and services at participating retailers by entering a code placed by the firms in stores, advertising and on Web sites into their mobile devices. The service is currently live in the UK with Carphone Warehouse with others expected to be announced in “the coming weeks and months.”

According to John Milliken, managing director of The Mobile Money Network, the initial launch phase “is all about gathering as much intelligence as possible. We expect to learn an enormous amount about how consumers want to use their mobiles to shop,” Milliken said. “We are already developing the second version of the app where you can expect to see image recognition as a major feature.”

Provided in partnership with: CardNotPresent.com