The Bancorp, a widely recognized financial technology company and leading prepaid card issuer, and MeaWallet, a leading provider of cloud-based payment platform, have entered into a partnership to deliver open loop mobile prepaid cards to card partners in Europe.
Oslo, Norway – June 9, 2015. The Bancorp and MeaWallet have agreed to a strategic partnership to deliver open loop mobile prepaid cards to The Bancorp card issuers in Europe. The partnership will be officially launched at the PayExpo, London, with the goal of launching the first commercial card program Q4 of 2015. Industry response to this innovative partnership is strong, with key customers already expressing interest in a platform offering joint service development and integration between the respective technology platforms into one solution.
The MeaWallet cloud-based mobile payment platform will be used to issue digital mobile prepaid cards. The partnership provides existing and new customers of The Bancorp the ability to add branded mobile wallets and cloud-based digital mobile prepaid cards to their portfolio of card products. The open loop mobile prepaid cards will initially support MasterCard® and Visa® cloud based mobile payment schemes. This means that mobile cards issued using the solution will be accepted for contactless and remote payments at merchants around the world that accepts these schemes.
“This partnership means that our customers will have a faster route to mobile payments, using new innovative products such as customer branded digital mobile prepaid cards and mobile wallets. We look forward to enabling many new and interesting mobile payment projects together with our customers in Europe,” says Kriya Patel, The Bancorp.
The digital mobile payment cards is using cloud-based security and Host Card Emulation (HCE) technology. The end-users just tap their smartphone at the merchant NFC-enabled POS-terminal to complete the payment. The service will work at all merchants that accept MasterCard PayPass and Visa payWave transactions.
"We are proud to partner with an innovative financial services provider like The Bancorp and we look forward to support them in the enabling of new, secure and attractive mobile financial services. “As the growing prepaid market now goes mobile, this partnership is strategically important for MeaWallet enabling us to offer our solutions to new customer segments”, says Lars Sandtorv, CEO at MeaWallet.
In the future, the solution may be expanded into the use of tokenization and using the smartphone for other digital mobile payment instruments like vouchers and gift cards.
If you would like to schedule a meeting with The Bancorp or MeaWallet during the PayExpo, London, please contact Noel Smith, Business Development Manager of The Bancorp at +44 7554 664468 or Morten Mansrud, VP Sales of MeaWallet at +47 906 74 707, or visit The Bancorp at Stand B04.
Lars Sandtorv, CEO of MeaWallet, +47 909 55 111, firstname.lastname@example.org
Noel Smith, Business Development Manager of The Bancorp, +44 7554 664468, email@example.com
About The Bancorp
The Bancorp (NASDAQ: TBBK), with operations in the United States and Europe, is a family of financial service companies dedicated to setting a new standard in financial services and payments innovation. Dedicated to locating and accelerating innovators, The Bancorp has been the guiding force propelling the creation, execution and service of countless leading prepaid card and emerging payment solutions. With operations in both the U.S. and Europe (e-money issuer), The Bancorp is a licensed participant of the SWIFT international funds transfer network and maintains membership with numerous payments networks, including Visa, MasterCard, Discover, Star, NYCE, PULSE, Plus, Maestro, Accel, UnionPay, and AFFN. The Bancorp is a Founding Member of NBPCA, a Direct Financial Institution Member of NACHA, an active participant in the Electronic Transactions Association and the Emerging Payments Association.
For more information please visit www.thebancorp.com
MeaWallet is a leading technology provider of end-to-end mobile services platform (as a managed service) and business components, enabling secure contactless and remote mobile services to banks, access control providers, mobile network operators and retailers.
In addition to providing our cloud-based platform supporting tokenization and wallet application services, MeaWallet is a center of excellence, with deep industry knowledge and experience within the fields of contactless payment, access, and cloud-based and mobile security.
For more information, please visit www.meawallet.com.