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Banks Now Offered Digital Wallets Services by mFoundry, MasterCard

Mobile Commerce Insider Featured Article

February 26, 2013

Banks Now Offered Digital Wallets Services by mFoundry, MasterCard

By Jody Ray Bennett
TMCnet Contributing Writer

MasterCard (News - Alert) and mFoundry announced today at Mobile World Congress (News - Alert) that they will make MasterPass-connected wallets from Foundry’s nearly 900 bank customers. As a result, millions of consumers worldwide will now be able to use any enabled device or payment card to find improved shopping experiences that are as easy as a tap, touch or click – in-store, online, and just about anywhere.

Last spring, PayPass Wallet Services became MasterPass, and has since been involved in production trials with select issuers and merchants. In order to provide its customers with a MasterPass-connected wallet as part of its mobile banking platform, mFoundry (News - Alert) will build a digital wallet service utilizing the MasterPass APIs.

MasterCard and mFoundry believe this solution will provide an integrated payment and mobile banking solution to the market. This service is expected to be available for mFoundrys customer banks in early 2014, with the pilots anticipated to launch in 2013.

mFoundry is based out of Larkspur, California, with offices in downtown San Francisco.

Drew Sievers (News - Alert), CEO at mFoundry said, “Together, mFoundry and MasterPass deliver an outstanding customer experience by integrating mobile banking and mobile payments into one, seamless solution. By bringing together both, financial institutions can transform their mobile banking experience and achieve the broader goal of turning mobile into their most valuable channel.”

 And Ed Olebe, Group Head, MasterPass Services, MasterCard said, “Consumers will now shop and pay in whatever way best fits their needs and lifestyles, from every device they have. MasterPass gives them the ability to make a payment from wherever they are, with one simple experience. Integrating with mFoundry’s solution embeds the power of MasterPass into an industry-leading mobile banking platform and enhances both the payment and banking experience for consumers.”

Edited by Braden Becker

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