MasterCard and mFoundry have announced an international collaboration that will help banks and credit unions provide their customers with NFC-enabled mobile wallets. MasterCard also made an equity investment in mFoundry.
The collaboration and investment will combine MasterCard’s Tap & Go PayPass technology with mFoundry’s mobile financial services platform to make mobile contactless payments accessible to more consumers. Mobile PayPass, which uses Near Field Communication (NFC) technology, enables people to make fast, convenient and highly secure payments by simply tapping their NFC phone on any PayPass-enabled terminal at a merchant check-out.
mFoundry developed and manages Starbucks Card Mobile program, the most successful mobile payments program to date, currently used in more than 6,800 stores nationwide.