Backbase partners with MeaWallet to boost digital payments

Backbase has announced a strategic partnership with MeaWallet to enhance digital payment services in Australia and New Zealand through advanced security measures.

The collaboration between the two companies aims to meet the increasing demand for secure and seamless digital payment solutions in the competitive banking sectors of both countries.

This initiative introduces two main solutions, Mea Push Provisioning and Mea Card Data, which are designed to revolutionise the delivery of digital payment services.

Mea Push Provisioning enables the swift roll-out of digital wallet solutions such as Apple Pay, Google Pay, and Samsung Pay, thereby significantly reducing the time-to-market for new payment services.

Meanwhile, Mea Card Data provides a PCI DSS-certified infrastructure. This ensures in-app access to card details is secure, thereby enhancing the customer experience while maintaining rigorous security standards.

Mayank Somaiya, Global Head of Ecosystem Partnerships at Backbase, explained the importance of the collaboration in strengthening digital payment experiences.

"In today's digital-first economy, financial institutions must deliver payment experiences that are both frictionless and secure," he said.

"By offering MeaWallet's advanced tokenisation capabilities with Backbase's Engagement Banking Platform, we're enabling banks and fintechs to accelerate their digital transformation while maintaining the highest security standards. This partnership represents a significant step forward in our mission to help financial institutions create superior banking experiences in Australia and New Zealand."

The partnership is particularly timely as usage of digital wallets continues to rise in the region. Financial institutions partnering with Backbase can now deploy digital wallet solutions up to 60% faster, simplify operational processes through out-of-the-box integration, enhance security, and abide by evolving regulatory requirements due to the certified infrastructure provided.

Thomas B Normann, Chief Product Officer at MeaWallet, highlighted the significance of the partnership in advancing digital payment methods.

"This partnership with Backbase represents a significant step forward in digital payments innovation for Australia and New Zealand," he remarked. "By combining our proven digital card and tokenisation expertise with Backbase's Engagement Banking Platform, we're enabling financial institutions to deliver secure, seamless payment experiences that meet evolving consumer demands while maintaining the highest security standards."

As digital payments gain prominence in the financial sector across Australia and New Zealand, the collaboration between Backbase and MeaWallet appears poised to address an urgent market need.

The joint effort is expected to help financial institutions seize opportunities presented by the ongoing digital transformation, enabling them to provide the secure, seamless payment experiences that contemporary consumers expect.