The Bancorp Bank has signed a strategic partnership with MeaWallet, a Norway-based provider of end-to-end mobile services platform, to provide open loop mobile prepaid cards to the bank’s card issuers in Europe.
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This commercial card program is expected to be launched in the fourth quarter of 2015.
The partnership will allow existing and new customers of The Bancorp to add branded mobile wallets and cloud-based digital mobile prepaid cards to their portfolio of card products.
These digital mobile prepaid cards will be issued using MeaWallet cloud-based mobile payment platform.
The open loop cards will be accepted for contactless and remote payments at merchants that accept MasterCard and Visa cloud based mobile payment schemes globally.
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By GlobalDataBased on cloud-based security and Host Card Emulation (HCE) technology, the digital mobile payment cards can be used at all merchants that accept MasterCard PayPass and Visa payWave transactions.
The Bancorp managing director payments Europe Kriya Patel said: "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."
MeaWallet CEO Lars Sandtorv said: "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."
