Mastercard Partners With CSI For Virtual Creditcard App

June 27, 2011
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Everyone’s getting on the virtual payment train! The trend of going cashless marches ever onward as we hear about several electronic payment partnerships that enable consumers to pay for items online and offline using their credit cards and smartphones. Mastercard knows the wave of the future when it sees one and is going with the flow. They’ve announced plans to hook up with Google Wallet and now the company is announcing another plan to mesh with the virtual payment future.

CSI Enterprise and MasterCard are actually old partners, but they’ve just recently started parleying that team-up to more expansive plans. The two companies have been offering specialized business credit cards for a while, but now they’re set on expanding to the big three of mobile OSes: Android and BlackBerry OS.

Right now the CSI Virtual MasterCard app is schedule to launch in July and enabling people to pay their bills via their device. The two companies are really not focusing on the personal market though – the payment scheme seems to be aimed at businesses that use credit cards in their procurement cycle. It may seem counter-intuitive but business credit cards enable savings for a lot of businesses. The system works by electronically generating a unique MasterCard account number for every purchase order and vendor settlement. This account number is then linked to the business owner’s system generated purchase order.

The interesting thing about this is that it is being offered on the Blackberry – which currently doesn’t have NFC virtual payment capacity like Android or iOS. Expect that to change by July.

Source: Engadget

 

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