MasterCard Worldwide hopes to expand access to PayPass contactless-mobile payment, especially to customers of small banks and credit unions, with its new partnership with mobile-banking software provider mFoundry.
The idea behind the deal, which includes an undisclosed amount of investment by MasterCard in the U.S.-based technology vendor, is that some of the hundreds of banks and credit unions that now use mFoundry’s mobile-banking software will expand the m-financial services with PayPass.
Of course, that depends on whether those financial institutions have deals with mobile operators or other owners of secure elements in NFC phones, where the PayPass application will be stored.