February 14, 2012

Another mobile wallet will be hitting the market soon. It's called the mWallet, and it's being developed by integrated telecommunications operator Telefonica Digital and mobile messaging and commerce provider Sybase 365. The new virtual wallet will allow Telefonica's 300 million customers in 26 countries around the world make mobile financial transactions.

Specifically, the mWallet will enable payments and peer-to-peer money transfers and will also store prepaid, debit, credit and loyalty cards. The company says that as the adoption of NFC technology becomes more widespread, Telefonica customers will be also able to make mWallet payments via their handsets at point-of-sale terminals.

"The mobile wallet lies at the heart of our financial services strategy and it is crucial that we deliver a strong, simple and secure user experience to our customers," said Joaquin Mata, head of financial services at Telefonica Digital, in a news release. "Sybase 365 is a leader in its field whose expertise will be a key element in helping us bring the best customer experience to market."

The mWallet will be available first to Telefonica's customers in Latin America and Europe in the first half of this year.