Mastercard, Tech Firms to Build NFC Network in Europe

Source: Payment Source

Mastercard is partnering with NXP Semiconductors and consumer electronics company Xiaomi to develop a contactless payment feature for NXP's mobile wallet.

The technology, which accesses Xiaomi's NFC (near field communication) wearable and NXP's mWallet2GO, will deploy initially in Russia in anticipation of a Europe-wide rollout. The NXP/Xiaomi combination allows users to add bank cards to the Mi Fit app on Android and iOS mobile devices. Like many contactless payment initiatives, the companies are tying the product to an increase in demand due to the coronavirus outbreak.

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