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American Banknote and MeaWallet Monday announced the expansion of their previously disclosed strategic mobile wallet partnership into Mexico, Central America and South America.
The two companies in August announced that, in order to deliver open-loop mobile wallet products to ABnote customers, MeaWallet's cloud-based mobile payment platform would be fully integrated into ABnote's EMV payments platform, providing financial issuers with a simple and cost-effective path to EMV-based payments. With the integration now fully implemented, and joint market opportunities and customer projects identified in Mexico, Central America and South America, ABnote and MeaWallet have broadened their alliance to include exclusive distribution rights to ABnote for the region.
The MeaWallet platform will provide an advanced interface layer for ABnote's wallet products, allowing customers to enable payment services as well as other features such as loyalty, coupons and more in a mobile wallet, according to a press release. The partnership provides existing and new customers the ability to add branded mobile wallets and cloud-based digital mobile payment cards to their portfolio of card products. The open loop mobile cards will initially support MasterCard and Visa cloud based mobile payment schemes. This means that mobile cards issued using the product will be accepted for contactless and remote payments at merchants worldwide that accept these schemes.
The digital mobile payment cards are using tokenization with cloud-based security and host card emulation technology.
"The ABnote partnership with MeaWallet means that our customers will have a faster route to mobile payments, using new innovative products such as customer branded mobile wallets," John Ekers, Global CIO at ABnote, said in a statement. "In particular, we see the exclusive cooperation now established between our two companies for Mexico, Central America and South America as an important part of our strategy to meet an increasing demand for mobile payment solutions from large players in the region."