MasterCard has announced further intentions to develop its mobile offering with the purchase of mobile wallet company C-SAM. The news, revealed during Mobile World Congress, is intended to increase the development speed and deployment of the financial brand’s mobile wallet and payment offering.
Speaking about the deal, Ed McLaughlin, chief emerging payments officer at MasterCard, said:
“Consumers today are living digital lifestyles, shopping in new ways using a range of new products and devices.”
“The deal will help us launch a wider range of mobile and virtual solutions better and faster – bringing convenience and choice to consumers, while adding value to our expanding partnerships with telcos, governments and merchants.”
MasterCard also announced an upgrade to MasterPass, its mobile payments system, enabling customers to make in-app payments to partner organisations including Forbes and Starbucks.
The news from MasterCard comes as a leading financial marketer highlighted the need for banking institutions to respond to the evolving mobile demands of customers. As numero reported earlier in the month, Simon Pomeroy, head of digital and customer experience of New Zealand bank Westpac, suggested financial institutions turned their attention towards emerging forms of customer contact like mobile.
“No matter where you live in the developed world, the issues customers have with banks are common and research shows that 71 per cent of people want to be able to do everything on a mobile device that they can on a personal computer.”