The Bancorp and MeaWallet have agreed to a strategic partnership to deliver open-loop mobile prepaid cards to The Bancorp card issuers in Europe, according to a press release. 

The companies will officially launch the partnership this week at the PayExpo in London with the goal of launching the first commercial card program in Q4 2015. 

The MeaWallet cloud-based mobile payment platform will be used to issue digital mobile prepaid cards, according to the announcement. The partnership provides existing and new customers of The Bancorp the ability to add branded mobile wallets and cloud-based digital mobile prepaid cards to their portfolio of card products. The open-loop mobile prepaid 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 accepting merchants around the world, according to the announcement.

The digital mobile payment cards is using cloud-based security and Host Card Emulation technology, according to the announcement. 

"We are proud to partner with an innovative financial services provider like The Bancorp and we look forward to support them in the enabling of new, secure and attractive mobile financial services," Lars Sandtorv, CEO for MeaWallet, said in a statement. "As the growing prepaid market now goes mobile, this partnership is strategically important for MeaWallet enabling us to offer our solutions to new customer segments."

The companies said in the future that this product may be expanded into the use of tokenization and using the smartphone for other digital mobile payment instruments like vouchers and gift cards.