MasterCard (MA) announced a European partnership with Deutsche Telekom (DTEGY.PK) to enable consumers to use their mobile phones as a convenient and secure way to pay. The partnership aims to make mobile payments a reality for Deutsche Telekom's 93 million mobile customers across Europe.
At a press conference in Berlin today, Deutsche Telekom and MasterCard highlighted the importance of their partnership and the introduction of mobile payments - one of the fastest growing consumer services in the last five years.
The first consumer roll-out will take place in Poland later this year. Further this year German consumers will be introduced to mobile payments, initially in a trial with mobile phone tags and cards, continuing into the first half of next year with a mobile wallet service which will also be open to other issuing banks and partners. Deutsche Telekom will issue the MasterCard products via its subsidiary company ClickandBuy, the owner of an e-money licence. Products will also be launched in other European markets.
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