Invuo Technologies unit MeaWallet has received a contract from a mutual Portuguese savings bank to provide its mobile contactless payment technology called the Mea Token Platform.

The name of the bank was not divulged by the company. The overall value of the five-year contract is nearly €200,000.

The Mea Token Platform, configured for MasterCard Digital Enablement Service (MDES), will be integrated with the bank´s mobile banking application.

It will enable the bank’s customers to carry out digital contactless card payments through the existing mobile bank app by tap and pay procedure.

MeaWallet head Lars Sandtorv said: “The FinTech market for enabling smarter payment technology and lean banking services is moving rapidly, making yesterday’s breakthrough today’s commodity.

“Continuous innovation and market adaption is the key for success in today’s demanding market. We believe the Mea Token Platform will offer the Portuguese bank with state of the art technology including mobile payments, with a world-wide acceptance network. This, combined with a true modular platform will give them a true competitive edge.”

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Established in 2001, Invuo offers various solutions to carry out mobile phone payments. It provides all mobile payment solutions through the MeaWallet brand.