Now, true mobile payment acceptance can be a reality for millions of merchants worldwide, and they can do it with the equipment that they have in their hands today. Sometimes the simplest solutions are overlooked
Carlsbad, CA (PRWEB) October 23, 2009
TranZfinity, a leading enabler of trusted transaction solutions, announced today the launch of a new Mobile Point-of-Sale (POS) solution using Near Field Communication (NFC) and contactless technology with mobile phones in an effort to support the ubiquity of cost-effective, convenient and secure transactions between merchants and consumers in diverse global markets.
The driving influence on the development of this solution comes from market demands by those merchants who require mobility in their transactions with consumers. Whether a street vendor in New York City, a small merchant in Mumbai, or a restaurant delivery service in Hong Kong, this solution brings a new level of security, convenience and cost-effective transaction capabilities.
Today's mobile payment options for merchants can be both cumbersome and expensive. However, by using an existing mobile phone along with Myztro™ from TranZfinity, and a secure mobile POS application, merchants can now move freely, offering secure transactions for their customers anywhere, anytime. Although closed-loop pre-paid card schemes will be certified first, it is expected that this solution will ultimately support MasterCard® PayPass™, Visa® payWave® and even PayPal® Mobile in the coming months.
On the merchant side, the only requirement is an NFC enabled mobile phone (which includes existing NFC handsets or handsets enabled with NFC peripheral devices like Myztro) and a secure payment application running on the mobile phone. On the consumer side, the only requirement is either a contactless card (80 million have already been issued in the US), a passive payment "sticker" (like First Data's® Go-Tag™) attached to their mobile phone, or a more interactive peripheral NFC enabler like Myztro. The consumer solution will also be compatible with native NFC handsets. Besides true transaction mobility, one additional major advantage for merchants is that they will be able to take advantage of lower overall transaction rates when compared with other mobile solutions that require the merchant to enter card information manually.
The payment transactions will use existing local processing infrastructure and tie in directly to existing card processing platforms. Delivery and maintenance of the payment application is provided by TranZfinity's Secure-Z™ ETSM platform which is a white-labeled TSM platform that can be hosted by TranZfinity or offered as an enterprise license to those companies who wish to provide TSM services for the remote management of applications and devices.
"Now, true mobile payment acceptance can be a reality for millions of merchants worldwide, and they can do it with the equipment that they have in their hands today. Sometimes the simplest solutions are overlooked", said Jeff Miles, CEO of TranZfinity. "By using the merchants existing mobile phone, along with Myztro, they no longer have a need for a dedicated payment terminal. This provides a cost effective solution for many merchants who previously could not cost justify credit card acceptance at their location or on-the-go. This technology, along with its cost savings, could be game changing."
"Our company has always been about the acceleration of NFC and contactless technology. For TranZfinity to extend this to a merchant solution is a logical step given our background in secure transaction technologies and the nature of our solutions," said Miles. "With contactless card issuance continuing rapid global growth, 947 million expected mobile users with NFC devices by 2014, and millions of merchants who do not yet accept credit cards due to availability of cost-effective mobile solutions, we believe there is a significant opportunity for us and our partners to build a strong position in this market." TranZfinity is now preparing to announce a number of partnerships in diverse global markets that will utilize these solutions in the near term.
TranZfinity provides bridging and disruptive technologies designed to accelerate the global adoption of Near Field Communication (NFC) and contactless technologies. With solutions that include NFC mobile phone enablement, NFC application development tools, and a platform designed to manage and target NFC capable devices, TranZfinity is at the forefront in bringing this powerful technology to the hands of consumers, service providers, marketers and application developers for real world use - today. TranZfinity is headquartered in Carlsbad, California, with offices in San Jose, London and Singapore. For more information about TranZfinity, please visit our website at http://www.tranzfinity.com
Note: PayPass is a trademark of MasterCard International, payWave is a registered trademark of Visa, Inc. and Go-Tag is a trademark of First Data Corporation. All other trademarks are the property of their respective owners.