Telecommunications company, Deutsche Telekom, is collaborating with technology and financial services provider, Wirecard AG, to implement its payment strategy (view press release). Wirecard’s role will include putting in place the technical processes for issuing the Telekom MasterCard, while supporting Deutsche Telekom in processing payments. In addition to providing the technical basis for the payment card, which will be launched on the German market at the end of the year, the partnership covers the planned launch of Deutsche Telekom's Mobile Wallet in 2013.
"In Wirecard, we have found a partner for card management and technical processing, taking the next step in creating an ecosystem for anything to do with mobile payment. With the technical implementation of online, store-based and mobile payment in the safe and experienced hands of specialist Wirecard, we can concentrate on our core business," said Peter Vesco, SVP, Business Unit Payment at Deutsche Telekom.
The partnership comes as Wirecard AG launches a card acceptance and m-wallet application for smartphones, and open interface for developers. The card readers, when connected to smartphones or tablets, will support both the EMV standard and magnetic stripes for mobile card payments at the PoS. Customers confirm payments via a touchscreen signature or by entering a PIN.