TechCrunch Disrupt 2010 Startup Alley Winner MobilePayUSA asks why wait for NFC to turn your phone into your wallet?
MobilePayUSA enables mobile payments using existing hardware and improves security, so merchants don’t have to upgrade to terminals equipped with NFC (Near Field Communication) technology.
According to Jesse Adams, Vice Chairman (retired), of Verifone Systems, Inc., “MobilePayUSA is a viable alternative to NFC.”
MobilePayUSA does not store credit card data on the phone. Instead, the company’s partner, TrustCommerce, securely stores card data behind a firewall and it is never shared with the merchant. so the merchant is relieved of PCI compliance for MobilePayUSA transactions. A pin is required to open the mobile app, making it more secure than paying with a physical credit card. If a user loses their phone, account holders may login online to disable the app instantly.
Payments security expert Robert Caulfield, Chief Executive Officer of TrustCommerce says, “MobilePayUSA provides a game changer for the payments industry and beyond.”
With NFC, card data is stored on the phone leaving it vulnerable to theft. When payments are being made the data transmission may be intercepted. Data thieves can set up devices to remotely capture transaction data on an automated basis. Once captured, data can be sent to a decryption team for processing and eventual sale on the web. Concern about NFC security is a reality, and it is possibly less
secure than mag-striped cards.
MobilePayUSA wallet will be able to accept any form of payment: credit or debit cards, store credits, gift cards or virtual currency. Loyalty is automatically tracked when payment is made. Consumers and merchants no longer need to spend time scanning a card or giving out phone numbers, and consumers will not have to print or clip coupons applicable discount offers. Consumers will not have to login to a website, download multiple apps, keep receipts or make a phone call to obtain balances. MobilePayUSA enables instant viewing of rewards earned and transaction history.
Any point of sale system provider or processor may enable MobilePayUSA’s suite of services through a software API. Pay at table transactions may take place without new terminals. Payments may be completed in seconds for all types of transactions. To save time, purchases can be made in advance for drive-thru. Merchants using PCs at Point of Sale may use a “Virtual Terminal” to process transactions.
Partners and Merchants
Revention POS Solutions will soon be integrated with MobilePayUSA. Revention’s client list includes: Pizza Hut, Dairy Queen, CiCi’s Pizza, Popeyes Chicken & Biscuits and many other restaurants. Flippin’ Pizza of San Diego, CA will be the first restaurant to use MobilePayUSA through Revention.
Patrick Farley, Founder and CEO of Flippin’ Pizza says, “I love that I can give my customers an alternative, secure option for payment while earning loyalty points.” A Private Beta in Orange and San Diego counties will begin July 2011. Participating merchants will include Tutti Frutti Frozen Yogurt (Balboa Island, CA) and Flippin’ Pizza (Carlsbad, CA).
MobilePayUSA plans on launching their Public Beta in Q4 2011.