MasterCard and PrePay Solutions to Launch Prepaid Mobile Payment Offering

MasterCard and PrePay Solutions (PPS) are to launch an end-to-end prepaid mobile payment platform in Europe this autumn. The platform is aimed at any company, including banks, retailers and telcos, wanting to distribute a Mobile PayPass prepaid service.
The service will address everything from traditional issuance and processing, compliance and supply-chain management to fraud and customer-service support. It will initially support payments at bricks and mortar stores and person-to-person payments, with online payments to follow.

“As businesses look to provide mobile payment services to their consumers, prepaid accounts are likely to become a popular product offered by a variety of companies, including mobile network operators, banks and merchants,” says Mung Ki Woo, global head of mobile at MasterCard. “By working together, MasterCard and PrePay Solutions have built a seamless best-in-class technology for a robust mobile prepaid solution, including the ability to safely and easily pay with a tap of their mobile phone.”