Canadian fintech firm Mobeewave has partnered with NXP Semiconductors to enable original equipment manufacturers (OEMs) to collect money from a contactless card or mobile wallet using a phone.
Mobeewave will provide a key differentiator technology for manufacturers of next-generation mobile devices by combining NXP's expertise in high-performance mixed-signal electronics with its mobile payment solution.
Mobeewave's patented technology enables individuals to accept money in person using a phone's NFC capability. The platform ensures sensitive information related to a transaction is encrypted in a device's hardware and software security.
NXP senior director of mobile transactions Charles Dachs said: "Allowing payment transactions between two mobile devices over NFC technology requires a highly secure setup. As a one-stop-shop for integrated NFC and embedded Secure Element solutions, NXP provides high level of data protection and encryption to manufacturers and end users alike. Enabling this level of convenience and security for in-person money transfers will help grow the use of tap-and-pay in China and beyond."
Mobeewave CEO and co-founder Benjamin du Hays said: "This global collaboration with NXP Semiconductors represents a tremendous opportunity for Mobeewave. NXP's expertise will enable us to provide a truly innovative solution to original equipment manufacturers around the world."