Financial products and services provider The Bancorp will offer open loop mobile prepaid cards that make use of host card emulation (HCE) to its European issuers in the fourth quarter of this year, through a partnership with mobile payment provider MeaWallet.
“The partnership provides existing and new customers of The Bancorp the ability to add branded mobile wallets and cloud-based digital mobile prepaid cards to their portfolio of card products,” MeaWallet explains.
“The digital mobile payment cards use cloud-based security and HCE technology. The end users just tap their smartphone at the merchant NFC-enabled POS terminal to complete the payment. The service will work at all merchants that accept MasterCard PayPass and Visa payWave transactions.”
“In the future, the solution may be expanded into the use of tokenization and using the smartphone for other digital mobile payment instruments like vouchers and gift cards,” the company adds.
“This partnership means that our customers will have a faster route to mobile payments, using new innovative products such as customer-branded digital mobile prepaid cards and mobile wallets,” says Kriya Patel, managing director at The Bancorp.
“We look forward to enabling new and interesting mobile payment projects together with our customers in Europe.”
“As the growing prepaid market now goes mobile, this partnership is strategically important for MeaWallet, enabling us to offer our solutions to new customer segments,” adds Lars Sandtorv, MeaWallet CEO.
MeaWallet offers a white-label solution that supports mobile payments via NFC, Bluetooth Low Energy (BLE), HCE, QR and more to enable retailers, banks, MNOs and service providers to offer a wide range of options for making in-store mobile payments.