MasterCard announced last week a plan to partner with payment solutions provider Monitise to accelerate the development and implementation of mobile wallets and digital payment technology at financial institutions around the world.
“For more than a decade, MasterCard has driven the development of mobile commerce—including the world’s first contactless and mobile payments solutions,” MasterCard Chief Emerging Payments Officer Ed McLaughlin said. “Our partnership with Monitise builds upon a shared commitment to improve the mobile shopping experience today and into the future.”
Monitise works with over 350 banks and financial institutions, merchants and payment processors around the world, including Royal Bank of Scotland, Lloyd’s Banking Group, U.S. Bank, HSBC, Telefonica and FIS. The company processes, on an annualized basis, 3.5 billion transactions worth over $70 billion.