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Sam Pitroda’s wallet service company C-SAM acquired by MasterCard

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. MasterCard had tied-up with it in 2012 to offer mobile wallet service PayPass in the Middle East and also made a minority investment in it. 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…

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