MasterCard is to acquire mobile wallet firm C-SAM in a move that cements "a strong, longstanding relationship" between the two companies.
According to MasterCard, the deal will speed the development and rollout of mobile wallets worldwide, including the company’s own product, MasterPass, and builds on a global strategic relationship established in 2012.
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Ed McLaughlin, chief emerging payments officer at MasterCard, said: "Consumers today are living digital lifestyles, shopping in new ways using a range of new products and devices.
"Bringing C-SAM’s mobile expertise into MasterCard will help us launch a wider range of mobile and virtual solutions better and faster – bringing convenience and choice to consumers, while adding value to our expanding partnerships with telcos, governments and merchants."
C-SAM has powered mobile payments services in India, Mexico, Singapore, the US and Vietnam.
The mobile wallet firm says that after the acquisition it will enable customers to pay with MasterPass on multiple channels, including NFC, QR/barcodes and remote checkout.
CEO Felix Marx said: "The acquisition of C-SAM is a significant milestone in our company’s history.
"While we have enjoyed a strong, longstanding relationship with MasterCard, the team is excited to be formally joining such an innovative and industry-leading organization to deliver end-to-end device-based solutions for service providers around the globe."
The acquisition is subject to regulatory approval and is expected to be completed in the first quarter of 2014.
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