February 25, 2013

MasterCard today announced it is rolling out a new service called MasterPass, a digital wallet service the company says is the next generation of its PayPass e-commerce wallet.

Announced at the Mobile World Congress conference in Barcelona, MasterPass will be integrated into mobile banking and payments provider mFoundry's mobile banking solution and will be available to mFoundry's approximately 900 bank customers.

MasterCard also announced that mFoundry will create a digital wallet service using the MasterPass APIs to provide its customers with a MasterPass-connected wallet as part of its mobile banking platform. The service will be available to mFoundry’s customer banks in early 2014 with pilots expected to launch in 2013.

[See Also: NFC Retail Payments Market to Reach $180 Billion by 2017]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...