In addition to the partnership, MasterCard announced that it has made a strategic investment in mFoundry, thus strengthening the collaboration between the two companies in the emerging field of mobile payments.
The collaboration and investment will combine MasterCard’s Tap & Go PayPass technology with mFoundry’s mobile financial services platform to make mobile contactless payments accessible to more consumers. Mobile PayPass, which uses Near Field Communication (NFC) technology, enables consumers to carry out payments by tapping their NFC phone on a PayPass-enabled terminal at a merchant check-out.
MasterCard and mFoundry also will collaborate to provide mobile phone operators an application that supports Mobile PayPass, allowing them to offer mobile contactless payments to their customers.
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