MasterCard has begun rolling out its new mobile wallet application for smart phones called QkR. The credit company has been working to establish itself in the emerging industry of mobile commerce. Competitors have been releasing their mobile wallets at a quick pace, but MasterCard has taken the time to ensure that its application is up to snuff with consumer needs. Unlike other mobile wallets, the QkR platform will not focus solely on NFC technology; it will also use QR codes as a form of mobile payment.
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The credit company has partnered with the Commonwealth Bank in Australia as well as the cinema chain Hoyts. Both companies will be adopting MasterCard’s QR and NFC tags as a way allow consumers to make mobile payments. The QkR application will be able to scan the QR codes that are available and it will also enable a smart phone to interact with NFC tags. This will be the first time QkR will be available to consumers and MasterCard is eager to receive feedback and gauge the reaction.
Mobile commerce is gaining momentum and consumers are beginning to demand more advanced mobile wallet application as the number of NFC-enabled smart phones continues to grow. Many major technology and telecommunications companies are coming together to meet this growing demand and are looking for ways to launch mobile payment programs in emerging markets in South Africa, China, Australia and in other parts of the world.