M-wallet: DeviceFidelity and Spring Card Launch moneto
- In December, DeviceFidelity announced a partnership with Spring Card Systems to craft microSD chips for MasterCard PayPass compatible payments, thus allowing the creation of moneto. The Android- and IPhone-dedicated solution was presented at Las Vegas CES.
- For iPhone (3, 3GS, 4 and 4S), an NFC chip is embedded in a specially designed case. The customer signs up to receive this case, installs the app (from the App Store) and activates his account. For 79.95 dollars (including 10 dollars pre-loaded funds), he gains access to several services: balance consultation, transaction history and PayPass contactless payment (at over 100,000 acceptance points throughout the US).
- For Android, starting Q2 2012, customers will be able to purchase a 30 dollars microSD chip to be inserted in their mobile devices.
- The associated prepaid account can be reloaded by card or through funds transfers. A prepaid MasterCard card has also been added for ATM cash withdrawals, e-payments and other transactions. An NFC sticker will be placed on the mobile phone to amplify the signal.
- DeviceFidelity and Spring Card Systems are proposing a compromise to improve contactless development: moneto stands in-between mobile payment solution and traditional prepaid card with associated services. It might respond to various customer expectations and benefit from increasing merchants’ equipment rates.
- For banks, microSD chips are relatively easy to deploy. They may help increase the development of contactless payment, however they have had to cope with some criticisms from those in favour of NFC antennas.
- moneto relies on DeviceFidelity’s iCaisse case and on In2Pay technology (see January-February and May 2010 Insights).