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MasterCard Mobile is Hungary for mobile payments

MasterCard Europe is launching a new mobile payment tool, MasterCard Mobile, for the Hungarian market along with partners Telenor, Hungarian Telekom, FHB Bank and Cellum. The company announced the news yesterday. All MasterCard holders in Hungary are eligible to use the application, the announcement said, regardless of cardholders' issuing bank or wireless carrier.

The application is available for both iOS and Android devices. Once downloaded, the app requires a fee to register and link it to a customer's bankcard and phone number. After that, cardholders make purchases by signing in with a phone number or ID code and then supplying a transaction confirmation code to verify the purchase through the device.

According to the announcement, the app currently only lets users pay their phone bills, top up their prepaid cell service or shop online at a few retailers' sites.

"Several merchants indicated their wish to join MasterCard Mobile Hungary so we expect quick development in this area," said László Szetnics, regional manager of mobile payment services for MasterCard Europe.

Szetnics added that the service will expand to include other functions such as P2P payments as well.

For more stories on this subject, visit the Carriers/Card Schemes research center.