MasterCard has entered an agreement to acquire C-SAM, mobile wallet provider and transactions provider behind ISIS, the mobile wallet joint venture founded by Verizon, AT&T, and T-mobile. C-SAM also processes mobile payments in Japan, Mexico, Singapore, and Vietnam. The agreement emphasizes the importance MasterCard puts on mobile payments and smooth transactions in the mobile channel.
MasterCard has used C-SAM’s technology since 2012, and the acquisition will help speed up development and implementation of mobile wallets and mobile payment solutions. C-SAM supports customer-specific offers, loyalty programs, banking, bill-pay options, and more.
This should give a boost to MasterPass, MasterCard’s free digital and mobile wallet intended to offer quick, easy, and safe check-out that may decrease the number of abandoned carts and increase sales conversion.
MasterCard wants to embed the payment service into mobile apps, making it possible to integrate a number of mobile payment options in one solution. The goal is to bring convenience and choice to consumers, while adding value to merchants.
An increasingly mobile and digital lifestyle has changed the way consumers think, shop, and pay. Cash is still king, but many customers want to be able to buy online and pay in store with the same app, without having to add credit card information or fill out forms. MasterCard, as well as the other card associations, are continuing to hedge their bets and invest in mobile, which many believe to be the future of payments.
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