MasterCard, mFoundry in NFC Deal
MasterCard said its cardholders will soon be able to use their smartphones for contactless payments, using mobile banking technology from mFoundry.
The San Francisco company is a provider of mobile banking and payment services to more than 550 credit unions and banks.
Purchase, N.Y.-based MasterCard said it also has “made a strategic investment in mFoundry, further strengthening their collaboration in the emerging field of mobile payments.”
MasterCard’s Tap & Go PayPass service will be combine its near field communication (NFC) technology with mFoundry’s platforms to allow payments to be made by simply tapping an NFC phone at any PayPass-enabled merchant terminal, the company said.
They said they also will work together to provide mobile phone operators an application that supports Mobile PayPass, allowing them to offer mobile contactless payments to their customers.
“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, chief emerging payments officer, MasterCard.
“By working with MasterCard, mFoundry will be able to evolve and expand its financial services platforms to reach more consumers through new and existing clients,” said Drew Sievers, CEO and co-founder of mFoundry.
mFoundry also supports the Starbucks Card Mobile program, currently used in more than 6,800 stores nationwide.