YESpay International Limited and YES-wallet.com Limited announced the launch of Pouch, the first cloud-based NFC contactless card emulation services that conform to Visa's PayWave and MasterCard's PayPass contactless standards. According to the announcement, the services offer a more convenient and efficient payment solution for merchants and consumers.

By integrating the YES-wallet Pouch digital wallet service with YESpay's EMBOSS payment service, the companies believe they can deliver a cloud-service-based payment platform for gift and prepaid cards that can be used with Visa PayWave and MasterCard PayPass terminals.

The partnership allows merchants using gift and prepaid cards to deploy contactless card payment system without having to make heavy upfront investment, instead relying on PayPass or PayWave-enabled terminals to handle these closed-loop transactions.

The partners said they will begin focusing on closed-loop transactions but will expand their efforts to form partnerships with financial institutions that issue Visa and MasterCard branded accounts.

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