The Bancorp and MeaWallet have agreed to a strategic partnership to deliver open loop mobile prepaid cards to The Bancorp card issuers in Europe, with the goal of launching the first commercial card program Q4 of 2015.
The MeaWallet cloud-based mobile payment platform will be used to issue digital
mobile prepaid cards. 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.
The open loop mobile prepaid cards will initially support MasterCard and Visa cloud based mobile payment schemes. This means that mobile cards issued using the solution will be accepted for contactless and remote payments at merchants around the world that accepts these schemes.
“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. We look forward to enabling many new and interesting mobile payment projects together with our customers in Europe,” says Kriya Patel, The Bancorp.
The digital mobile payment cards is using cloud-based security and Host Card Emulation (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.