Financial details of the transaction have not been revealed. The closing of the acquisition is subject to regulatory approval and is expected in the first quarter of this year.
The announcement builds upon a global strategic partnership developed between the two companies in December 2012, as well as a minority investment by MasterCard. C-SAM was launched by Sam Pitroda, an advisor to the Indian Prime Minister and the Head of National Innovation Council.
With the acquisition of C-SAM, MasterCard will also speedup up the development and deployment of mobile wallets and payment solutions globally, including the roll out of its MasterPass digital service. MasterPass is a digital mobile wallet by MasterCard to help users make payments both, online and offline.
“Consumers today are living digital lifestyles, shopping in new ways using a range of new products and devices. Bringing C-SAM’s mobile expertise into MasterCard will help us launch a wider range of mobile and virtual solutions better and faster — bringing convenience and choice to consumers, while adding value to our expanding partnerships with telcos, governments and merchants,” said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard.
C-SAM currently enables commercial mobile payment services in India, Japan, Mexico, Singapore, United States and Vietnam. C-SAM platform supports customer-specific offers, loyalty incentives, banking, bill-pay options and non-financial secure transactions.
“The acquisition of C-SAM is a significant milestone in our company’s history. While we have enjoyed a strong, longstanding relationship with MasterCard, the team is excited to be formally joining such an innovative and industry-leading organisation to deliver end-to-end device-based solutions for service providers around the globe,” said Felix Marx, Chief Executive Officer, C-SAM.
The announcement was made at Mobile World Congress, 2014.
Featured Image Courtesy: C-SAM
Lead Image Courtesy: MasterCard