MasterCard and mobile banking solutions firm
mFoundry are collaborating to offer banks and credit unions more
mobile payment options.
Mastercard has finalised its investment in
mFoundry, on 1 December 2011 and is now targeting credit unions in
the US to grow its mobile contactless payments distribution
The initiative will combine MasterCard’s Tap
& Go PayPass technology with mFoundry’s mobile financial
services platform to make mobile contactless payments available to
Mobile PayPass enables NFC payments on any
PayPass-enabled terminal at a merchant checkout.
The two organisations will collaborate further
to provide mobile operators with an application that supports
Ed McLaughlin, chief emerging payments
officer, MasterCard said:
“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
To strengthen the partnership and the
collaboration in the emerging fields of mobile payments, MasterCard
made an investment in mFoundry.