New York, NY (PRWEB) March 19, 2012
CodeOne’s new patent pending technology allows any credit card to be processed from its mobile payment application without the need of any physical external devices, hardware or software upgrades at the merchant’s POS machine, and it is in full compliance with existing e-commerce payment transaction, while providing higher security.
With CodeOne mobile payment application users just gently tap the phone at the POS’card slot, or press “Swipe Card” in the application, and the same magnetic pattern coded in the magnetic strip is produced by the application and it makes the POS to detect the digital credit card presented as if it were from a plastic card swiping.
The mobile phone’s digital card version or the plastic one seems identical to the POS, and the magnetic pattern produced by the application is dynamically encrypted, thus providing higher security at this end.
Since the plastic is no longer needed in the user’s wallet, and its digital version is only available from inside CodeOne’s mobile payment application, the security level at this end is greater than anything available in the market today. The application will display card’s information for that particular payment transaction after providing the purchasing value, and personal PIN for the selected card.
“This technology will help to easier the migration from plastic to mobile payment transactions, since merchants will be able to continue to use their existing terminals to process payments, and plastic card holders will be able to use this mobile payment application at large, since it will work anywhere, regardless the merchant’s ability to process mobile payment transactions”, said Wilson Silva, president of Aligis Meios de Pagamentos S.A.
M-CodeOne Mobile Payment Platform's provides a very efficient and secure way to convert customers and establishments that are now outside the banking and payment system, and greater potential for conversion of new issuers, especially those who see an opportunity to expand the banking business, through the conversion of users (or increasing usage) card or current accounts.
E-commerce payment transaction is largely used worldwide processing millions of transactions every day. Internet phenomenal, and recently mobile phones, is just shifting the optimal way this e-commerce transaction can be processed; securely, and preferable from existing mobile phones and equipment that merchants already have.
Customers want to use their mobile phones for shopping and to process payments anywhere, anytime, and may be just pay a small fee for added premium services, for example delivery services, and fast virtual payment lines. Merchants do welcome the benefits of mobile payment and its potential to generate new revenues. Merchants certainly do not want the additional costs. Banks, businesses, and other financial or non-financial institutions certainly can now benefit from this already estimated US$ 1.2 trillion business segment. For additional information, visit the company’s web site.
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