Monitise suffers after Visa Europe plans to cut stake

Monitise shares were hit by news on Wednesday that Visa, a major shareholder and business partner since 2011, was going to reduce its shareholding in the mobile banking specialist over time.

Visa Europe's stake represents 5.3% of Monitise's equity.

Monitise, which earlier this year failed in its hunt for a potential buyer and earlier this month lowered its revenue forecast for the full year, said the company will continue to work together on a number of projects and services under the three-year commercial agreement which runs until 31 March 2016.

The mobile banking and payments service group said on Monday that it expected revenues for the full-year would be between £88-90m, below previous guidance of £90-100m announced in March.

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