The Bancorp to Offer HCE-Based M-Payments in Europe (June 15, 2015)
The Bancorp, a major provider of prepaid card services in the U.S. and Europe, is extending open-loop mobile contactless payment capabilities to its clients in Europe through a new partnership with mobile payments company MeaWallet. Using MeaWallet’s host card emulation (HCE) technology, Bancorp clients will be able to add branded mobile wallets and cloud-based mobile prepaid card capabilities to their services, beginning in the fourth quarter of this year, the companies said.
Following support from Visa and MasterCard in 2014, HCE has gained momentum as a quicker-to-market approach for mobile payments compared with previous models that typically required the involvement of a third party, such as a mobile network operator, to manage sensitive customer data housed in the handset’s secure element. With HCE, the secure element is stored in the cloud, providing a faster path to mobile development, said Kriya Patel, managing director, Europe, The Bancorp. MeaWallet’s white-labeled HCE technology will provide the Bancorp’s participating prepaid card clients with the option to support contactless payments for their products through any NFC-enabled handset, MeaWallet said. MeaWallet may expand its HCE services to include tokenization and enable mobile payment applications for vouchers and gift cards, according to the company.