The objective of the partnership is to provide banks and mobile operators an ‘open’ payment solution to enable and enhance the consumers’ mobile commerce experience.
The program aims to bring 2.5 billion financially under-served consumers worldwide access to mainstream financial services through their mobile phones.
Sybase 365’s technology and expertise aims to enhance services for all consumers including the unbanked and under-banked in developing markets.
MasterCard Worldwide mobile group executive, Mung Ki Woo, said, “We designed the program to ensure that customers in these markets have access to safe and convenient forms of financial services via their mobile phones.”
The two companies hope to connect their respective systems and software to provide and integrated mobile money services platform based on MasterCard’s prepaid services and Sybase 365’s Mobile Money solution.
This will allow consumers to transfer funds, pay bills, and purchase goods and services at millions of physical and online merchants worldwide.
Sybase 365 mCommerce senior vice-president, Matthew Talbot, said, “By providing solutions to emerging markets through a flexible partnership program, MasterCard is unlocking opportunities for innovation throughout their entire ecosystem.”