PURCHASE, N.Y., and SAN FRANCISCO (12/5/11)--MasterCard and mFoundry have partnered to combine MasterCard's Tap & Go PayPass technology with mFoundry's mobile financial services platform to make mobile contactless payments accessible to more consumers.
The partnership includes an investment by MasterCard in mFoundry.
Mobile PayPass, which uses near field communication (NFC) technology, allows consumers to make payments by tapping their NFC phone on any PayPass-enabled terminal at a merchant check-out.
mFoundry provides mobile banking solutions for more than 560 banks and credit unions.
MasterCard and mFoundry also will collaborate to provide mobile phone operators an application that supports Mobile PayPass, which will allow them to offer mobile contactless payments to their customers.