Monitise, a global leader in mobile money solutions, has formed a partnership with DeviceFidelity that will allow mobile phone users to conduct contactless Visa payWave transactions. The partnership combines Monitise’s expertise in mobile financial services and user interface design with DeviceFidelity’s In2Pay technology. In2Pay microSD is an innovative new technology that enables mobile users to transform a smart phone with a microSD slot into a mobile payment device.
The Monitise developed user interface can be integrated with a variety of mobile banking applications, enabling financial institutions to offer their customers a suite of mobile services, including mobile payments, balances inquiries, mini-statements, bill payment, and funds transfers. The combination of payment capabilities and a slick user experience with a rich set of functions is key to expanding adoption and acceptance of mobile contactless payments.
Lisa Stanton, Executive Director of Global Alliances for Monitise, noted, “This marks an important milestone for the mobile payments market as instant, convenient, and secure mobile payments rapidly move towards becoming a reality. Demand for our mobile money platform is at an all time high, and integrating capability such as that provided by a proven innovator like DeviceFidelity will allow Monitise to significantly enhance how consumers can use their mobile phones to make purchases and manage their finances."
For handsets without a microSD slot, DeviceFidelity has developed a protective case, which accepts the In2Pay microSD and enables smartphone apps to communicate seamlessly through the phone's universal connector. Most recently, DeviceFidelity has announced the availability of the In2Pay iCaisse4, the latest addition to the In2Pay family of microSD based solutions that bring the power of mobile payments to popular smartphones.
The combined solution from Monitise and DeviceFidelity brings together industry-leading smart card, chip-based security for contactless transactions provided by the In2Pay technology. The solution utilizes a fully flexible client server-based authentication employed by the Monitise Mobile Money platform to deliver a world class, feature rich, and totally safe mobile wallet offering to financial institutions worldwide. The solution is currently being tested on leading operating platforms and is capable of supporting major smartphone platforms worldwide.
“From the outset, we have designed the In2Pay solution around an open architecture that would allow mobile applications to interact with it, thereby growing the mobile commerce ecosystem”, says Amitaabh Malhotra, Chief Operating Officer of DeviceFidelity, Inc. “Through our partnership with Monitise, we are able to deliver on that vision and offer a complete set of mobile financial services integrated with our plug and play contactless payment solution.”
Monitise and DeviceFidelity are actively engaged in piloting the solution with a major financial institution in the US. Following the pilot Monitise will be making these capabilities commercially available to financial institutions and our partners around the world.