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.
Our SuperCommerce Series
Search, Social or SuperCommerce?
The key to commerce shall be the seamless completion of the value and convenience chain for consumers and merchants alike.
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Can one live on deals alone?
Tour D' Mobile Payments
PayPal, Google Wallet, ISIS, Square & more. What are the barriers to adoption and how they may be overcome?
AUG
SEPT
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The Future of Money
Where will payments be in 2020? Will mobile over take cards & cash? Learn how a 'Secure, Social & Rewarding' wallet will disrupt it all?
Bridging the POS GAP
NFC is Tortoise and the 2D Bar Code is the
hare. Retailers, simplify the myriad of choices!
Learn how DISRUPTION is RIPE for 2013!
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OCT
Greed is NOT GOOD!
Cause Commerce IS!
Cause Commerce can set you apart! Learn what it is, why it will soon be, non-optional, and how it will add to your Social Brand.
NOV
Loyalty LIKE Never Before!
The convergence of Social & Rewards is here!
Learn how Top of Mind & Automation will rule! Maximize, Mobilize & Unify Ads & ROI!
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Companies and leaders, to remain relevant and profitable, must embrace innovation or risk becoming irrelevant or extinct.
Top 5 Killers of Innovation!
HDTV - High Def. Total Vision Where are your Blind Spots?
Connect the dots! See the big picture!
If your Mobile Strategy is unclear, you may be
missing key pieces. Get a holistic perspective.
AUG
DEC
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New Series for 2013
The 'Disruptive Innovation Meteor' named MOBILE has struck the world's of retail payments, banking and marketing. Firms wanting to survive, compete and win in this new environment must adapt by embracing disruptive innovation or risk becoming irrelevant or extinct. Read story
IF YOU FORGOT WHAT INNOVATION LOOKS LIKE
WATCH IPHONE'S FIRST COMMERCIAL BELOW . . .
Disruptive Innovation and Dysfunctional Dinosaurs
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Instantly Scalable Mobile Payments Solution Could Disrupt Entire Industry
