MasterCard Acquires Sam Pitroda’s Mobile Wallet Company C-Sam
Global payment technology company MasterCard has acquired C-SAM, a mobile wallet platform and on-device software company founded by Sam Pitroda, who currently is an advisor to the Indian Prime Minister and heads the National Innovation Council.
Post C-SAM acquisition, MasterCard plans to speed the development and deployment of mobile wallets and payment solutions globally, including the rollout of its MasterPass digital service. MasterCard had invested in the company back in 2012.
MasterPass, is a digital mobile wallet service, introduced by MasterCard in 2013, with which users can make payments both online and offline.
C-SAM’s on-device application and back-end infrastructure will help enable customers use MasterPass both in-store and online across multiple technology platforms, including NFC, QR/barcodes and remote checkout.
C-SAM currently enables various commercial mobile payments services in India, Japan, Mexico, Singapore, the United States and Vietnam. The platform also supports customer-specific offers, loyalty incentives, banking, bill-pay options and non-financial secure transactions.
In October 2013, MasterCard had announced its partnership with Worldline to deploy MasterPass across countries operated by Worldline. India is one of the countries where Worldline has operations.
Earlier in 2013, MasterCard Advisors acquired an equity stake in Mu Sigma, a data analytics company, to jointly develop analytics products for companies.
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