Source: Oberthur Technologies
Oberthur Technologies, one of the world's largest providers of security and identification solutions and services based on smart card technologies, today announced that MoreMagic, an Oberthur Technologies company, has joined the MasterCard Mobile Money Partnership Program (MMPP), a program designed to help more than 2.5 billion financially-underserved consumers around the world use their mobile phones to access mainstream financial services.
Through its MoreMagic Mobile Money offer, Oberthur Technologies enables a full suite of banking, payment and commerce services in areas where there is a lack of banking infrastructure. Relying on the industry's most comprehensive suite of applications, the solution connects a global mobile financial ecosystem that links mobile operators, financial services organizations, retail distributors, NGOs and other businesses.
Through the MasterCard MMPP, Oberthur Technologies will enhance its existing mobile money offerings and give access to the open loop MasterCard network thanks to a range of additional MasterCard services, including prepaid companion cards that can be used at merchants accepting MasterCard cards; virtual card accounts for eCommerce payments using the mobile money account; and, person-to-person payments between subscribers of two different mobile money services.
"We are delighted to announce this partnership which is fully aligned with our strategy. Open loop acceptance, network integration and interoperability are critical for Mobile Money services to succeed and match the needs of unbanked populations. This partnership will leverage our best of breed mobile platform technology as well as MasterCard worldwide acceptance network," said Arnaud de La Chapelle, Managing Director of the Solutions Business Unit at Oberthur Technologies.
"We are pleased to welcome MoreMagic into our Mobile Money Partnership Program and further efforts to accelerate and expand the development of financial services offerings in emerging markets via the use of mobile technology," said Mung Ki Woo, Group Executive, Mobile, MasterCard. "Each day, MasterCard is looking at ways that it can help financially-underserved consumers worldwide gain access to formal financial services, and mobile phones present the next great opportunity to do so."