First Investment Bank AD of Bulgaria last week announced that it will work with MeaWallet to bring mobile NFC payments to existing mobile bank users. The mobile payment service is based on mobile virtual payment cards using cloud based security and host card emulation technology, according to a joint press release from the companies. 

First Investment said the service will work at all merchants that accept MasterCard PayPass and Visa payWave. 

First Investment said this launch with MeaWallet will be one of the first commercial cloud-based NFC banking projects in Europe and the plan for launch is after summer. Mobile banking users will be able to use the service globally at all EMV contactless compliant POS terminals covering millions of merchants, according to the announcement.

“First Investment Bank AD is seen as one of the most innovative banks in the Balkan region," said Svetoslav Moldovansky, executive director for the FI. "With the MeaWallet mobile payment service we will give our customers an attractive, secure and easy-to-use service to complement our already popular mobile banking app," 

In addition to mobile proximity payments, the app will also have standard features such as account balances and transaction history, bill payment, person-to-person payments and communication services. First Investment also wants to add the ability for customers to make e-commerce purchases, as well. 

"The partnership with First Investment Bank AD, which is a first mover and trendsetter in Bulgaria, is further proof that our mobile technology platform and strategy — and in particular our focus on cloud-based mobile payment solutions, including techniques like tokenization, HCE and NFC — is paying off," said Lars Sandtorv, CEO of Norway-based MeaWallet.