YESpay and YES-wallet have launched cloud-based near field communication (NFC) contactless card emulation services conforming to PayWave and PayPass standards.By integrating YES-wallet pouch digital wallet service with YESpay Emboss payment service, both companies will provide a cloud service based electronic money (e-money)/pre-paid/gift-card payment platform that allows provision of convenient and efficient payment methods on NFC smartphones based on Visa PayWave and MasterCard PayPass standards.
Both companies have been focusing on development and provision of NFC products that comply with NFC global standard.
The partnership allows e-money related businesses, merchants, and mail order houses to implement contactless card payment system without having to make heavy upfront investment by using the pouch cloud service. YESpay will contribute by providing “payment terminals based on NFC reader/writers” and providing “Emboss payment processing services to cultivate and manage merchants” and YES-wallet will contribute by providing “PayWave or PayPass standard virtual payment cards cloud system via its pouch digital wallet service
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