Sovereign Bank to Partner with Mobile Wallet Provider LevelUp

by Mercator Advisory Group 0

Boston-based Sovereign Bank announced intentions to issue a MasterCard-branded debit card that is linked to a LevelUp mobile-wallet account.

LevelUp is the mobile payments unit of Cambridge, Mass.-based SCVNGR, a social-network company with Google Ventures among its investors. LevelUp is the nation’s second largest mobile-payment network, with businesses accepting their payment system in 17 cities across the United States and they are quickly adding more merchants.

Consumers may pay with their Apple Inc. iPhones or Google Android handsets after downloading the free LevelUp application and linking it to their debit or credit cards, the bank said. They initiate purchases when scanning their LevelUp barcode at the payment terminals of businesses accepting LevelUp.

Sovereign Bank will provide $10, redeemable at any LevelUp business, to the first 20,000 LevelUp users who link the debit card to their LevelUp accounts. Sovereign is describing the partnership as their “First in Mobile Wallet” campaign.

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