MasterCard has entered into an agreement to purchase mobile wallet technology developer C-Sam.
MasterCard, of Purchase, N.Y., and C-Sam, of Chicago, currently have a strategic partnership dating back to December 2012, and MasterCard also owns a minority stake in C-Sam.
"They've done a lot of work with mobile wallets and mobile pay solutions and have a good team that will fit will with us," says Mario Shiliashki, senior vice president of emerging payments for MasterCard.
C-Sam, MasterCard and DNP began building a white-label mobile wallet service in Japan in August 2013. C-Sam and MasterCard also launched a mobile wallet in Singapore with Starhub, DBS Bank and EZ-Link.
C-Sam has also developed mobile payments for wallet providers in Vietnam, Australia and Mexico.
In the U.S., C-Sam works with Isis, the telecom-led mobile payments initiative. MasterCard has also worked with Isis during the mobile wallet's pilots in Salt Lake City and Austin. The addition of C-Sam will aid the card network's technology work with Isis, Shiliashki says.
The MasterCard/C-Sam deal is expected to close by the end of the first quarter. Other terms were not disclosed.