On Friday May 18th 2012 C-SAM a U.S. based provider of secure mobile transactions technology said that it has joined hands with MasterCard to provide “mobile wallet” (a contact-less payment) service to mobile operators, retail banks and payment providers in the Asia Pacific, the Middle East and Africa.
“The joint solution will solve complexities of managing multiple mobile devices and operating systems, secure elements, and connections to multiple third party systems,” the companies said in a joint statement.
With the help of Contactless payment feature user can make payments from their NFC enabled smartphones by just tapping the cell phone to a Electronic sophisticated reader which will be installed in the shops. It works just like your traditional MasterCard payment card but no more swiping, inserting or giving your card to cashiers.
Raj Dhamodharan, MasterCard’s Regional head of Mobile and Ecommerce for Asia Pacific, Middle East & Africa also said that “Our partnership with C-SAM offers telcos in the region an NFC solution that comes pre-packaged with prepaid instance issuance, TSM integration and coupon redemption at the point of sale and offers a path to a truly multichannel payment wallet through PayPass Wallet Services,”
According to C-SAM, the solution will be based on the company’s Mobile Transaction Platform (MTP) and will be integrated with MasterCard’s pre-paid platform, offers and PayPass Wallet Services, enabling users to make contact-less mobile payments, redeem coupons and access other mobile financial services from their NFC-enabled mobile phone.
C-SAM operates out of USA, Singapore, Japan and India and MasterCard operates in more than 210 countries where in its clients in India include ICICI Bank, ING Vysya Bank, Jet Airways, Tata AIG etc.