MasterCard announced last week a partnership with Weve, a joint venture between the three largest mobile operators in the U.K., aimed at accelerating the development of the contactless mobile payments system in the country.
“MasterCard’s vision of a world beyond cash maps neatly onto our own vision of a world powered by mobile,” 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 U.K. consumers and retailers. In fact, with around 300,000 retail outlets now accepting contactless payments, the U.K. is the most advanced and ideal market to further adoption of contactless payments through mobile phones.”
Under the terms of the partnership, MasterCard will continue to provide technology and integrative services to financial institutions seeking to use Weve’s payment platform. Weve is a mobile payments venture between U.K. mobile network operators EE, Telefonica U.K. and Vodafone U.K., which represent 80 percent of all U.K. mobile customers.
MasterCard said the 220 percent growth in the number of contactless transactions in Europe points to massive innovation potential. The partnership will establish a universal contactless mobile payments platform in the U.K.
“MasterCard is delighted to be working with Weve, [which] is an innovator in the mobile space,” MasterCard U.K. and Ireland President Marion King said. “We look forward to implementing this contactless mobile payments technology in the U.K. and providing the technology and service to banks to ensure their customers can benefit from safe and simple mobile payments. The partnership with Weve will play an important part in providing ways to pay as we continue to work towards a world beyond cash.”