The Bancorp and MeaWallet bring open loop mobile prepaid cards that use HCE
The Bancorp and MeaWallet have entered a partnership to deliver open loop mobile prepaid cards. The prepaid card will be using cloud-based security and host card emulation technology.
MeaWallet’s cloud-based mobile platform will be used for issuing open loop mobile prepaid cards. The Bancorp’s new and existing customers will be able to add branded mobile wallets and cloud-based digital mobile prepaid cards to their portfolio of card products. MasterCard’s and Visa’s cloud-based schemes will initially be supported, which means that mobile cards issued using the product will be accepted for contactless and remote payments at accepting merchants around the world.
Credit and debit cards dominate the European market. The prepaid card market is growing rapidly but is still in its infancy. There is enough potential for prepaid and mobile wallet solutions in Europe as more and more consumers are adopting smartphones for banking and payment functions.
In the future, the solution may expand to include tokenization and the use of smartphones for other digital mobile payment instruments like vouchers and gift cards.
MeaWallet’s solution incubates payment technologies like HCE (host card emulation), Tokenization BLE (Bluetooth low energy), NFC (near field communication) and cloud-based secure elements (cSE). The company has five major solutions: MeaESB, MeaSafePay, MeaSEC, MeaTrust and MeaWallet. These tools work in unison to deliver a robust end-to-end payment solution. MeaESB is a flexible infrastructure for integrating applications and services, and linking business applications with mobile wallet ecosystems. MeaSafePay uses stored cards in the certified MeaSEC solution for use in any form of m-commerce or NFC payment. MeaTrust is an advanced trusted service manager (TSM). The company boasts to serve around 135 million customers under their white label.
The Bancorp is one of Europe’s fastest-growing prepaid service providers. The bank has been doing well in terms of technology adoption. The Bancorp is also one of the first financial services companies to offer biometric security to its banking customers for their mobile interactions.
YellowPepper to expand product line bringing Carta Worldwide's host card emulation technology to Latin America
YelloPepper is a provider of mobile banking and payment solutions to financial institutions in the Latin American region. It has partnered with Carta Worldwide which is a leading HCE technology provider.
“We are excited to introduce HCE to our existing clients and further expand our reach by offering this new technology to the fast-growing Latin American market,” said Serge Elkiner, Co-founder and CEO of YellowPepper. “Our mission is to revolutionize the payment experience for consumers in Latin America, and we’re thrilled to be working alongside a global and proven industry leader like Carta to bring mobile payments to the masses.”
Carta Worldwide will provide their HCE technology to YellowPepper that will in turn leverage its regional footprint with more than 50 leading financial institutions and retailers to introduce the new technology to them and future clients.
CEO of Carta Worldwide Brian Semkiw commented, “We see the Latin American market as having huge potential for our company. We are very pleased to be working with a proven, successful and innovative organization like YellowPepper to support our business development efforts in the region.”
YellowPepper boasts to have five million customers with 30 million transactions per month. The number is rapidly increasing and will continue to grow as they expand their mobile solutions and offer the best and latest technology.