Through the agreement, Monitise will develop the NFC-enabled mobile payment application for Desjardins in collaboration with EnStream, an m-commerce joint venture between Canada's major mobile network operators. EnStream was created by Canada's mobile network operators to facilitate the development of the country’s mobile payment market through a cooperative effort.
Currently, there are more than 20,000 merchant locations in Canada that can support contactless payment transactions. The mobile payment solution, which will be launched in 2014, and is in line with the Canadian mobile payment guidelines announced in May 2012 by Desjardins and the major Canadian banks, according to Monitise.
Desjardins, with $200 billion in total assets, operates more than 350 credit unions across Quebec, Ontario, New Brunswick and Manitoba.