MasterCard and US-based mobile banking company mFoundry have announced an international partnership that’ll that let more banks give their customers the option to pay for items with their mobile phones. mFoundry has also received a strategic investment to from MasterCard.
MasterCard’s contactless NFC PayPass technology will be combined with mFoundry’s mobile financial services platform to make mobile payments accessible to more consumers. mFoundry already provides mobile banking solutions for more than 560 banks and credit unions.
The two organisations will also collaborate to provide mobile phone operators with an application that supports Mobile PayPass.
Ed McLaughlin, chief emerging payments officer at MasterCard, said “This collaboration 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. By using the power of a smartphone, consumers can simply tap and pay for goods and services.”
As well as providing mobile banking services, mFoundry also created the Starbucks Card Mobile program in the USA.