Monitise, a developer of mobile money solutions, has joined forces with near field communication (NFC) software developer ViVOtech, to deliver mobile phone payments services to banks across the US.
By using the new NFC payment service, customers of participating banks will be able to turn their handset into a mobile wallet (linked to registered bank accounts, credit and debit cards) and purchase items using contactless payments at merchants with NFC capabilities.
In addition to contactless payments, service users will be able to transfer money from their registered accounts to other bank accounts. The service will also deliver retail coupons and discounts directly to the user on their mobile phone.
This NFC service will be delivered through the combination of ViVOtech’s over-the-air (OTA) software and Monitise’s Mobile Money technology.
ViVOtech’s software allows data, such as credit, debit or prepaid card credentials, to be remotely loaded onto a secure chip. This can be in an NFC phone, a SIM card or a chip contained within a microSD card that can be inserted into the majority of existing smartphones, including BlackBerry, Android, Nokia and even in various iPhone cases.
Monitise executive director of global alliances Lisa Stanton said Monitise welcomes its partnership with ViVOtech to deliver the next generation of fast, secure contactless payments to Monitise’ many financial institution clients in the US.
"We pride ourselves on being at the forefront of mobile financial management and contactless payments. Combining the power of ViVOtech’s OTA software with our Mobile Money technology platform will ensure that we continue to deliver what the banks and their customers are looking for," Stanton said.