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C-SAM and MasterCard are becoming strategic partners. The companies announced the new deal yesterday. Per the agreement, MasterCard will take a minority stake in the mobile wallet and platform provider. Terms of the deal were not disclosed.
C-SAM is the provider of a secure mobile wallet and transaction platform that can support a number of technologies, from NFC to barcode to cloud-based purchases. It also performs banking, bill payment and other types of transactions. The company's solution is behind the mobile wallet supplied by Isis, the carrier-based mobile payment joint venture.
By partnering with MasterCard, C-SAM hopes to expand the card brand's digital payment infrastructure — such as its PayPass Wallet Services — to bolster its product offerings.
"Our solutions and services fully complement MasterCard’s core competencies," said C-SAM CEO Felix Marx. "The partnership enables us to more rapidly develop innovative mobile commerce products, and increase the breadth and depth of our services."
MasterCard's chief emerging payment officer Ed McLaughlin said the combination of C-SAM and MasterCard will help the companies deliver new, innovative solutions to a wide range of global customers.
For more stories like this, visit the mobile/virtual wallet research center.