Said to be a first for the European payments industry, Proxama, a UK mobile contactless payments, ticketing and marketing technology business, has partnered with Tuxedo Money Solutions, a UK e-money product provider, to offer prepaid contactless payments for mobile phones. The solution, which leverages MasterCard PayPass technology, runs on Tuxedo’s eccount platform, and can be deployed on mobile phone handsets that include Near Field Communications (NFC) technology.
As the prepaid market continues to expand, there is an increasing demand for new contactless propositions, which offer customers a simpler and more rewarding way to pay, says the pair. The joint solution allows users to top-up and check their prepaid account balance 24 hours a day from their mobile phone. In addition, users can instantly block or cancel their account if their phone is lost or stolen.
The development of this solution means that financial service providers, Mobile Network Operators, Mobile Virtual Network Operators and retailers looking to offer their customers a simpler and more rewarding way to pay, can enter the contactless payments market – allowing for simpler integration, faster uptake and quicker market penetration. Proxama also offers contactless ticketing and marketing applications.
Neil Garner, CEO of Proxama said: “Along with Tuxedo we have developed both a flexible and contactless payment technology. This technology will enable any brand to integrate mobile contactless payments into their existing products and services – without the need for complex technology partnerships or significant in?house development. We believe this will enable brands to realise the rapidly emerging contactless opportunities, and with a healthy return on investment.”
John Sharman, CEO of Tuxedo Money Solutions says: “With the recent growth in the prepaid card market, we are delighted to be working with Proxama to be able to provide additional prepaid e?money solutions to the market. I am very excited that we are working with such a forward-looking company to develop a modern and exciting new financial product”.