Deutsche Telekom and Wirecard Team up for Mobile Payments

Deutsche Telekom is working together with payment service provider Wirecard for the launch of the Telekom MasterCard. Furthermore the partnership also covers the planned launch of Deutsche Telekom’s Mobile Wallet in 2013. Deutsche Telekom is focusing on mobile payments, just recently it announced a strategic partnership with MasterCard to bring NFC-based mobile payment services its mobile subscribers in Europe. Read more…

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Today, MasterCard and Deutsche Telekom announced a strategic partnership to bring NFC-based mobile payment services to Deutsche Telekom’s 93 million mobile subscribers in Europe. The first product to launch is a mobile wallet app called MyWallet for customers of Deutsche Telekom in Poland this summer. The digital wallet will support various local banks and financial institutions and enable customers to pay contactless at every retail store where MasterCard PayPass is accepted. In Germany Deutsche Telekom will first trial mobile payment with mobile phone tags and NFC-enabled credit cards in order to prepare for the launch of MyWallet in early next year. Other than for example Google Wallet the payment credentials are stored on the users SIM card rather than on the phone itself.

Deutsche Telekom will also extend into financial services and become a credit card issuer for MasterCard. The telco giant will issue NFC-enabled MasterCard credit cards in Europe via its subsidiary company ClickandBuy, the owner of an e-money license.

Thomas Kiessling, Chief Product and Innovation Officer for Deutsche Telekom commented, “This is a huge step on our way to increase mobile payments. With MasterCard we have a well-known and experienced partner generating growth in this important market segment. We want to build a comprehensive ecosystem around mobile payment, helping Telekom to realize its strategy of being the first choice for customers regarding connected life and work”.

Check out the promo video to see how MyWallet works: