After more than a year in development and several strategic partnerships, BankLaunch platform has been acquired by MeaWallet and will power the upcoming MeaPay product launch. MeaPay is a revolutionary payment processing system enabling merchants to accept card payments using off the shelf Android smartphones and its built-in Near Field Communication (NFC) chip.
The technology will radically change the payment experience worldwide in upcoming years. Smartphone based POS Terminals, also called SoftPOS, will replace traditional and mobile versions in many industries, and especially in the SME segment. SoftPOS terminals offer lower cost of ownership and maintenance, and can be enabled within a few minutes. Right now several vendors are competing to get similar solutions to market faster and in better shape. This initiative is supported by VISA and MasterCard.
What is MeaWallet?
MeaWallet is a multinational corporation based in Oslo (Norway). Employees of the company reside in six countries and represent more than 10 nationalities. MeaWallet has more than 85 customers in 30 countries. MeaWallet is an organisation with a mix of industry veterans and young, entrepreneurial spirits. This combination has proven to be unique and valuable, and has generated proven results with customers, partners and in the FinTech industry in general.
MeaWallet’s existing service (Mea Token Platform) offering is a suite of APIs that allows digital payments for FinTechs, issuers, acquirers, and PSPs globally by enabling card tokenization, mobile contactless payment acceptance and related services. MeaWallet is cooperating with Mastercard Engage, Visa Ready and American Express GNS as partners.
How will MeaPay work?
Use of MeaPay is going to be simple yet very convenient. Transactions can be made following these few steps:
- Customer pays to merchant’s Android device with contactless tap-on-phone technology
- Card Issuer asks for a PIN as soon as the merchant reaches his transaction limit
- The customer enters the PIN on the screen, and the transaction is complete
Simplicity of this technology is the reason why it will change the payment experience worldwide in the next few years. We will see the product launch on the selected markets early 2022.
And as BankLaunch managing director Dmitry Buzdin has mentioned: “This is a really exciting opportunity to launch a groundbreaking product based on a solid foundation of the BankLaunch platform.” Also as a part of the partnership deal Dmitry Buzdin, and the current development team is joining MeaPay to continue work on the platform and deliver it to a wider audience very soon.
One more thing to be mentioned is that payment acceptance via Android smartphones has to be compliant and tested against PCI security requirement, that way making this solution secure against most hacking attacks.