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Gemalto and MasterCard agree new contactless payment arrangement
4 Apr 2011

Gemalto has received certification from MasterCard for an electronic money scheme.

The company's PayPass NFC contactless mobile payment programme will be used with the Mobile MasterCard PayPass M/Chip 4 payment specification.

It will mean that people who are customers of the credit card company can have details such as their account number and PIN sent wirelessly to SIM cards embedded in their mobile phones.

They will then be able to use the devices to make contactless payments at qualifying merchant terminals.

James Anderson, vice-president of mobile at MasterCard Worldwide, said the development will make Gemalto a market leader for this type of product.

It will also "enable banks and wireless operators to offer a secure, innovative and convenient payment means to their entire customer base", he added.

At the beginning of last month, Gemalto - which is a technology partner of sQuid - announced its revenue for the last financial year reached €1.9 billion (£1.6 billion).