JV between EE, O2 and Vodafone strikes agreement with credit card company in a move it says will provide eight out of ten people with the technology
Weve has partnered with MasterCard in a move it said provides 80 per cent of UK customers with the next step in contactless mobile payments.
Under the terms of their agreement, MasterCard will provide technology and integration services to banks and financial institutions looking to use Weve’s payments platform. According to Weve, MasterCard’s partnership with its platform provides financial institutions with minimal complexity and facilitates ease of access – two of the biggest barriers to mobile payments to date.
MasterCard has partnerships with financial institutions in over 210 countries and territories. Weve said to date, banks wanting to get involved in mobile payments have had to engage in complex development and integration projects, which only often address one area of the market.
It added MasterCard removes much of this complexity, ensuring financial institutions and mobile operators can get up and running with mass-market contactless mobile payments in the shortest possible time, while still enjoying the same protections from fraud as they would with conventional MasterCard payments.
According to Weve, there are some 300,000 retail outlets now accepting contactless payments in the UK, claiming it is the most advanced market for adoption of this technology.
Weve CEO David Sear said: “Its existing relationships with the banks, in addition to its own experience of the mobile payments world, make it an ideal partner for Weve. It allows the banks to focus on what they’re good at – finding smarter and more elegant ways for their customers to pay for goods and services.
“Contactless payments have already been embraced by UK consumers and retailers, with the UK the most advanced market for adoption of contactless cards with around 300,000 retail outlets now accepting payments in this way. With MasterCard, we want mobile to reach the tapping point.”