By Randy Smith,
Mobile Wallet Media
June 5, 2013
About Mobile Wallet Media
Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, marketing, loyalty commerce, security, prepaid, virtual currency, daily deals and the convergence of them all with social and local. The Chief Editor, Randy Smith, was the primary founder, inventor and former CEO of MobilePayUSA, a TechCrunch Disrupt Startup Alley Winner.
Any merchant accepting credit cards could instantly accept mobile payments without adding new hardware or software. This solution was invented around 'Apollo 13 parameters' of using exsiting hardware and software at POS to enable mobile payments.
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This solution is also as secure as can be with card credentials stored safely in the cloud by a PCI-DSS service provider and never shared with merchant or on phone to complete transactions. With this solution, not even tokenized card credentials need to be shared with the merchant POS to complete mobile payment transactions. A tokenized version of a card number is stored on the phone and but is never shared with the merchant. This solution could operate with or without use of NFC or a QR code scan. Merchants of any size could integrate in seconds per terminal without adding new POS software or hardware.

Payment networks and banks hold the key to unlock the world of this instantly scalable mobile payments solution (but there is another solution I'll soon introduce that would give leverage to merchants, MCX and POS software firms). The key is in having an association BIN or IIN and the ability to route as a non-financial transaction. Any mobile wallet may be instantly disrupted if they do not have access to this mobile POS technology that could enable millions of merchants to accept mobile payments and run loyalty programs. This solves the mobile payments standardization problem as well.

The Road to Invention

In 1996, I had a vision for a 'Universal Gift and Loyalty Card'. By the early 2000's I envisioned a card, when swiped, would track and redeem loyalty rewards and gift cards and charge the remainder due to a debit or credit card of choice. By 2008 or so I finally accrued enough knowledge about payment transactions and technology to know how to build out this universal card; a solution that would enable merchants to adopt without requiring new hardware, software or require software programming integration at POS.

In the early Spring of 2010, I was pitching a concept to local merchants for a universal, merchant funded, cash-back card. Merchants asked repeatedly if we were going to have a mobile solution. With the rapid adoption of the iphone I came to the conclusion that within 5-7 years mobile payments in the US would become the dominant way to pay. I decided I needed to come up with a mobile solution for this universal card.

Universal Solution Only Requiring A Single Payment Network To Green Light

The industry is in search of a standard upon which to base mobile payments upon. Well, I remind the industry that we already have set standards for processing open and closed-loop card payments. Why not build a solution upon set standards so no hardware or software changes would be required at merchant POS?

Ah, but how? Keep reading! The solution is revealed on the next page.

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Read the press release about this solution
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Instantly Scalable Mobile Payments Solution Could Disrupt Entire Industry