While this week’s Mobile World Congress in Barcelona featured a number of notable unveilings and announcements in the area of mobile payments, none is likely to have as many long-term implications as the arrival of the first digital wallet in Europe to be integrated with MasterCard’s pioneering MasterPass e-payment system.
Developed by Cellum for leading Central European banking group OTP Bank, the “OTPay” digital wallet lets both existing OTP customers and others register numerous payment cards within the app, freeing users from having to fill out card details when shopping online. The app also stores other bits of relevant customer data – such as delivery addresses – allowing users to breeze through the often time-consuming “check out” process.
“Cellum’s new mobile wallet product opens window to the e-world,” said László Szetnics, regional business development manager for MasterCard.
Though currently limited to “remote” transactions executed online – including not only webshops but bill payment, prepaid top-up and person-to-person transactions – MasterPass is expected to soon support both in-app and in-store payments.
Open and Everywhere
Aside from the benefits of MasterCard’s mammoth global presence and brand ubiquity, it is the open and customizable nature of MasterPass that makes it such a powerful addition to the market, with independent developers able to work on their own via the API to best leverage the platform’s capabilities. This is how Cellum, which earlier developed a MasterCard Mobile solution, became the first to integrate a third-party wallet with MasterPass.
Following the successful rollout of OTPay, Cellum is expecting to help a range of other financial institutions in Europe and beyond take advantage of the possibilities offered by MasterPass, especially as it moves to the crucial in-store setting.