The solution, called Connected Card, utilizes prepaid cards and allows users to make purchases both online and in-store using NFC, as well as to send funds directly to other users.
Cellum pointed out that, while mobile transaction solutions built on top of the traditional financial ecosystem have gained significant ground, a considerable portion of the world’s population is locked out due to lack of access to a bank account. Especially in the developing countries of Asia and Africa, exclusion from financial services has the hardest impact on those who would need them the most.
Connected Card aims to solve this problem by providing a way of joining the open-loop card world.
Users only need to install an app, through which they can sign up for the service and immediately get a virtual prepaid card. Following a quick activation process, the card can be used right away for all standard bank card transactions. This way, instead of the usual onboarding process, people who have previously not had access to digital transaction services can join the open-loop world of card payments in a matter of minutes. Connected Card supports online payments through MasterPass, in-store payments using NFC, and peer-to-peer transactions between users.
Additionally, Connected Card is launching as a white-label solution.
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