Mobile wallets and payment solutions company C-SAM has been acquired by MasterCard and the latter will now use the technology to speed up launch of its MasterPass wallet service internationally. The financial details of the deal were not disclosed.
C-SAM’s on-device application and back-end infrastructure will allow use of MasterPass both in-store and online across multiple communications technologies, including NFC, QR/barcodes and remote checkout.
Co-founded by Sam Pitroda and Mehul Desai, C-SAM has operations in USA (ISIS), Singapore (Starhub), Japan (DNP) and India. It provides solutions in secure mobile transactions technology and offers a range of mobile phone based applications for financial as well as non-financial services. Its clients in India, include ICICI Bank, ING Vysya Bank, Jet Airways, Tata AIG an L&T, among others.
Services offered by C-SAM: It has a mobile technology platform that allowed users to make payments using NFC, or by scanning a QR-Code. C-SAM also has provisions to make payments from a wallet stored in the cloud especially when using devices that don’t support NFC. It also created solutions for merchants such as point-of-sale terminals and NFC applets. Apart from payments at retail, the company also offers customised wallet solution for payments such as movie ticketing, value added services, receipts and even for use as an id proof. The C-SAM platform also supports customer-specific offers, loyalty incentives, banking, bill-pay options and non-financial secure transactions.
What does MasterPass do? MasterPass is a solution created by MasterCard that will let merchants accept payments from multiple wallet services. It is worth noting that MasterCard does not currently charge any fee for this service from merchants or customers. It also lets developers use MasterPass as a white-label solution and build on top of it with their own branding, which is similar to the service offered by C-SAM. You can see a list of companies using this service here.
MasterCard also announced the launch of a MasterPass app that will allow payments to multiple merchants. In-app payments service will be available to in Q2 of this year; MasterPass is a browser-based service as of now. That said, the service has already been deployed at more than 30,000 merchants in Australia, Canada, Italy, the United Kingdom and the United States. It will be deployed in 14 more countries this year, but it’s not clear if India is part of the list.