Swedbank has tapped MeaWallet, a unit of Invuo Technologies, to offer contactless card payments for Latvian, Lithuanian and Estonian markets.
The contract term is three years and is valued between €500,000 and €600,000.
The host card emulation (HCE) product with MasterCard MDES support will be offered as a managed service, by combining MeaWallet’s tokenisation platform and the bank’s mobile app.
By using the solution, the bank’s customers will be able to make digital contactless card payments through the bank´s current mobile banking app.
MeaWallet head Lars Sandtorv said: “The Baltic market is rapidly developing towards contactless payments, in fact there are several field tests and pilots in the three markets exploring different mobile payment technologies. MeaWallet has a proven technology and we aim to deliver the solution in production to Swedbank in stages from the first quarter of 2018, hence delivering on our “short time to market” promise.”