MasterCard and mFoundry have announced a partnership to enable more banks and credit unions around the world to offer customers contactless mobile payments.
The collaboration will combine MasterCard’s PayPass technology with mFoundry’s mobile financial services platform, which is used by more than 560 U.S. banks and credit unions. The resulting service will allow customers to make payments by simply tapping their NFC-enabled phone on any PayPass terminal at a merchant check-out.
The partners will also provide mobile phone operators with a Mobile PayPass application that will make it easier to put mobile payments in the hands of consumers, according to MasterCard.
In addition to the partnership, MasterCard says it has made a strategic investment in mFoundry, further strengthening their collaboration in the mobile payments arena.
“This collaboration with mFoundry is going to allow more banks, credit unions and mobile phone operators around the world to offer their customers the convenience and security of Mobile PayPass,” said Ed McLaughlin, MasterCard’s chief emerging payments officer.