IBM has signed a global licensing deal with Mastercard for its new ecommerce Consumer Wallet, in a deal that could see the technology distributed to millions of customers worldwide.
The IBM Consumer Wallet allows customers to store their credit card details once in a secure icon, which can be transferred quickly to online purchasing forms.
Mastercard will distribute a branded version of the wallet to its 23,000 financial institution members, which then have the option of offering the software to their credit card customers.
IBM ecommerce sales executive for Europe the Middle East and Africa, Ferenc Szelenyi, said most banks are likely to begin rolling the technology out to their customers by early next year.
Awareness of consumer wallets is increasing, with many Internet service providers now beginning to offer free software to their customers, Szelenyi said.
Once consumers begin to understand the convenience and security of having their credit card data in a wallet, take-up is likely to increase rapidly, he said.
The Mastercard deal is not exclusive and IBM will continue to pursue similar partnerships with other big credit card players such as Visa.
The IBM wallet uses Electronic Commerce Mark-up Language, the collaborative standard for merchant field data collection recently developed by banking and IT companies including American Online, American Express, Compaq, Mastercard and Visa.
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