Mastercard and Santander Invest in New Mobile Pay App
Mastercard and Banco Santander, along with a group of other investors, have invested $6 million to an Israeli startup called PayKey, which allows consumers to make payments through messaging apps.
PayKey, which first launched in 2014, provides users with a downloadable keyboard enabling them to connect to their banks and initiate peer-to-peer (P2P) payments from any messaging app or social network, including Facebook Messenger, Twitter or WhatsApp.
“As consumers become increasingly comfortable conducting financial transactions on mobile through social apps, it’s essential for banks to offer services that cater to these changing behavior patterns in an easy-to-use, secure way,” PayKey CEO Daniel Peled said in a statement.
Other key investors include Digital Lenders Ventures and Wharton Asset Management’s Gaby Salem.