Microsoft to foray into mobile payments market

Microsoft is planning to foray into mobile payments space by launching new mobile payments system called Microsoft Payments, Inc.

Microsoft to foray into mobile payments market

Faisal Khan, a banking and payments consultant at Faisal Khan & Company, has found documents which reveal that Microsoft has filed for a money transmitter license in all 50 US states to launch the mobile payments platform.

Microsoft has submitted the application to the Financial Crimes Enforcement Network (FinCEN) to be money transmitter and provider and seller of prepaid access in all 50 US States.

Under the license, Microsoft Payments is planning to sell prepaid access and pre-loading of cards that can be used as a debit card system, reported Tech Times.

Khan confirmed that Idaho has granted Microsoft a license to be a money transmitter, as listed on the Nationwide Multistate Licensing System (NMLS) registry.

A Microsoft spokesperson told Ars trchnica: “Becoming a money service business gives us the flexibility to provide new, innovative cloud services to our customers but we do not have any product announcements at this time.”