MasterCard has approved the world’s first UICC-embedded software application from Gemalto, designed for mobile near field communications (NFC).
The application is compliant with Mobile MasterCard PayPass M/Chip 4.
Both the software application and the UICC have achieved the compliance assessment and security testing certification in accordance with MasterCard’s highest chip security requirements.
The breakthrough, said Gemalto, paves the way for mass-commercial rollouts of NFC payment across the world. Gemalto currently partners with a global, first-tier financial institution and a world-leading mobile operator to implement the new application and carry out the solution’s first mass-commercial rollout.
The payment application can be configured to cover all card portfolios, including debit, credit and prepaid – in which case it enables consumers to top-up their prepaid accounts directly from their mobile phone.
“We are pleased to collaborate with Gemalto to broadly expand the use of mobile payment services,” said James Anderson, vice president, Mobile, MasterCard Worldwide. “Leveraging the interoperability of MasterCard PayPass, Gemalto’s effort will enable cross-border mobile NFC payment, adding ease to the fast-paced lifestyles of more and more consumers across the world.”
Latest News
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories