YESpay and YES-wallet have announced the launch of cloud-based near-field communication (NFC) contactless card emulation services conforming to PayWave and PayPass standards, offering a more convenient and efficient payment solution for retailers and consumers.
By integrating YES-wallet pouch digital wallet service with YESpay EMBOSS payment service, both companies will provide a cloud service-based 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.
The partnership allows e-Money (pre-paid gift-card) related business, merchant, and mail order house to implement a 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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