BUZZ-Monitise: Visa Europe's stake cut hurts shares

** Mobile-banking-software maker Monitise Plc (Other OTC: MNQQY - news) 's falls 8 pct, down for the second day after Visa Europe cuts stake in co

** Bottom performer on the FTSE AIM Telecommunications Index and third most traded stock on the London Stock Exchange

** Co said on Wednesday that Visa Europe Limited had cut its stake to 3.88 pct

** On Aug 11 Visa Europe reduced the number of shares it owns to about 85.4 mln from about 90.4 mln

** The stock slumped to a 6-yr low in July when Visa Europe said it planned to further cut its stake in the co

** Visa Inc (Xetra: A0NC7B - news) said in Sept last yr that it would divest its stake co and pursue development of its own mobile payment systems

** Founded in 2003, Monitise linked banks and mobile operators, building a business capable of handling more than $101 billion a year in transactions. However, it has faced tough competition from the free mobile payment systems offered by Google (Xetra: A0B7FY - news) and Apple (NasdaqGS: AAPL - news)

(Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)