This service will enable merchants to verify the identities of cardholders as well as to allow transactions to be confirmed via wireless devices.
According to the two companies, the tie-up will result in new mobile commerce payment solutions for MasterCard’s more than 20,000 member financial institutions.
Under its terms, the two parties will seek to ensure compatibility between their technical operations as well as to leverage on each other’s strengths in their respective businesses--MasterCard’s electronic payment systems and widely recognized brand name, and MobileWay’s global data network and customized data services.
Explaining the rationale for the partnership, MasterCard’s senior vice president for global e-business, Art Kranzley, said: “Mobile commerce needs to be supported by a secure and robust messaging network. Working with MobileWay, MasterCard will deliver m-commerce solutions that will enable mobile operators to provide value-added services, while boosting cardholder and merchant confidence in the payments portion of m-commerce.”