TransCard LLC has formed a partnership with DeviceFidelity’s Moneto payments service to provide its bank clients the ability to create their own mobile wallets.
The Chattanooga, Tenn.-based prepaid card services provider announced last week that the partnership allows its 84 financial institution clients to add NFC-enabled phone cases and microSD cards to create mobile payment capabilities through any Apple Inc. iPhone or Google Inc. Android device.
While the product provides banks with a white-label option for mobile wallet creation, it also allows wireless operators to provide mobile payment services to their subscribers, TransCard stated in a press release.
The NFC mobile wallet is built around a reloadable prepaid MasterCard and includes a mobile banking application that offers consumers real-time account balances, transaction history, card-to-card funds transfers, cash-back rewards and a PayPass merchant locator.
TransCard prepaid products are currently offered through its 84 U.S. bank clients, which operate 4,385 branches, the company says.