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07 October 2013

Tieto and MeaWallet provide a Mobile Wallet solution for financial institutions

Tieto and MeaWallet join forces to offer new IT solutions for the financial services industry. The solution includes a Mobile Wallet as well as integration and consultation services. The Mobile Wallet will allow the use of mobile devices such as smart phones and tablets as means of secure payments. 
 
The Mobile Wallet is a modern, redundant and safe technology. With Near Field Communication (NFC) and Over the Air (OTA) technologies, all payment card data is personalized in a secure element and placed in the mobile device. The services are offered mainly in the Nordic countries, Central and Eastern Europe and Commonwealth of Independent States regions. 
"This is a milestone for the mobile wallet ecosystem," says Lars Sandtorv, CEO of MeaWallet. "The time is right for bringing the entire contents of your wallet into your smart phone, not in a multitude of apps, but in one secure mobile wallet. The expansion of our portfolio with Tieto's card management system will take our services to the next level. The variety of services could include access cards, coupons, tickets, loyalty cards, ID, for instance," Sandtorv continues.
"We are glad to extend our partnership network in the Nordics and welcome MeaWallet among our trusted partners. This partnership allows us to help our Financial Services customers to gain market share and improve customer satisfaction by using the cutting-edge technologies available on the market," says Vahid Zohali, Vice President Banking at Tieto.

New technologies are rapidly changing the payment landscape

The future will hold a significant demand for mobile NFC technology. Therefore, organizations in the payment card business have to plan for arising opportunities, such as the Mobile Wallet. 
"With our services, cardholders will have the newest mobile technologies; for banks, this means an excellent customer loyalty and additional service and sales tool. In addition, technologies like the Mobile Wallet will significantly reduce the costs related to cards' lifecycle management as the need to issue and maintain traditional plastic payment cards will decrease," says Mats Wikström, Head of Operation, Banking and Insurance, Tieto Financial Services. 


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