MeaWallet signs contract with a major nordic bank to deliver Mea Token Platform and Mea Masterpass

MeaWallet A/S (“MeaWallet”), part of Invuo Technologies AB, has signed an agreement with a major bank in the nordic region for delivery of MeaWallet’s technology for converged wallet, i.e. mobile contactless payments to that specific nordic country.

The solutions of Mea Token Platform configured for MDES as well as Mea Masterpass will be delivered as a managed service, integrating MeaWallet´s platform with the bank´s mobile banking application. Mea Token Platform will enable the bank´s clients to perform digital contactless card payments (tap & pay) through the bank´s existing mobile banking application, while Mea Masterpass will enable secure and user-friendly online and web-to-app payments at any merchant that accepts Masterpass checkout. The order value of the contract is around Eur700,000 over a three-year period.

“We are happy to see continuous growth in this exciting market, and especially happy to be able to work with such a progressive bank as this nordic bank. While we now will be running seven simultaneous MDES projects, MeaWallet sees this as an exciting opportunity to prove that we can deliver the promised high quality on agreed time”, says Lars Sandtorv, Head of MeaWallet. “This will be the northernmost project we’ve delivered, and we can now proudly state that we are delivering our products to all corners of Europe”.

CEO of Invuo Technologies, John Longhurst, comments: “Over just the past 3 months, MeaWallet has signed profitable orders with a value of Sek29.5m. The market capitalisation of Invuo shares is Sek81m (closing price 13/2/18, Sek0.990). Invuo has realisable financial assets with present value of Sek55m. The market for MeaWallet is accelerating. Our stated goal is for MeaWallet to sign a minimum of 20 orders over the course of 2018. In so doing, we aim to meet the financials goals laid out for Invuo Technologies this year, as disclosed in recent public statements. As further orders are signed, we hope investors begin to share the confidence we have for the period ahead”.

Since 2001 Invuo has been providing its proprietary solutions and systems for mobile phone transactions. Invuo operates in two main business areas; mobile phone payment solutions provided through the brand MeaWallet™, and distribution of e-products.