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Hungarian mobile wallet provider Cellum has launched Connected Card, a new white-label payment solution to provide financial services to the unbanked and underbanked markets.
The new solution aims to provide access to digital transaction services to customers without a bank account, thereby providing them a way of joining the open-loop card world of payments, especially in developing countries of Asia and Africa. To access the solution, users need to install a smartphone application and sign up to receive a virtual prepaid card. After activation, users can use the card for commercial transactions.
Connected Card enables consumers to transfer funds to other users and make purchases both online and in-store using near field communications (NFC) technology. It also supports online payments through MasterPass using prepaid cards.
Cellum believes that offering mobile financial services based on prepaid cards could foster financial inclusion for the unbanked.
European cashless payment provider Festipay will implement Connected Card under the name of Trio Wallet.
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