PrePay will be offering e-Money issuing, BIN sponsorship, and transaction processing for Cash on Tap, supported through a proprietary app service that lets the app and NFC phone act as a digital wallet.
Payment options include NFC payments through MasterCard PayPass, online payments with a virtual MasterCard, storing credit and debit card details, loading funds from bank transfer, debit and credit cards, as well as customer balance enquiry and transaction history.
Users will be able to use their mobiles for contactless payments as well.
EE customers will be able to get the app through Google Play, though it only works on a select number of 4G handsets.
PrePay MD Ray Brash said there’s been a lot of anticipation for proper digital mobile payments, and this development makes it a reality for the first time in the UK.