Copyright 2012. All rights reserved, Mobile Wallet Media, Inc. News & Opinion on the Future of Mobile Payments & Commerce!
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By Randy Smith,
Mobile Wallet Media
November 14, 2012
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.
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Did the game just change? Is this the "Flux-Capacitor of Mobile Payments? You be the judge.
With the Mobile Wallet POS Switch it does not matter the mobile payment technology solution adopted. Be it NFC, QR code displayed, QR code scanned using mobile camera, code entered into mobile phone, payment terminal or by cashier into the cash register. This technology "Futureproofs" the Mobile Wallet by making it ubiquitous. No matter the method of connection to POS, this routing tech should serve as the cornerstone and blueprint for Mobile Wallet platforms.
By pairing the location of mobile device with the mobile payment technology adopted by each merchant location, a single, universal wallet is now possible. This tech makes the mobile wallet agnostic and seamless in the connection to POS.
With Mobile POS Switch, Retailers Can Adopt Solution That Suites Them Best!
MCX, PayPal, ISIS, Google and retailers across the globe. I'm going to use "Jedi Mind Tricks" on you. This is the solution you have been looking for. OK, I pretty sure Jedi tactics will not be needed here. But perhaps you may believe the "force" will be with the Mobile Wallet POS Switch or MPOS Switch for short.
This new invention is designed to enable, from a single mobile app or web site, the ability to pay using any method or form factor of mobile payments. Some mobile payment form factors work better than others for each retail niche. Also, there has been the never-ending delay of mass adoption by both retailers and smartphone providers of NFC. This has opened the door for several alternative mobile payment methods to gain traction such as LevelUp, Square, Tabbedout, Mocapay, Kuapay and proprietarty systems Paydiant, Corfire and Firethorn.
A few weeks back I wrote about needing a "Mobile Payment Platform" akin to the Windows or Mac OS platforms. It seems like this solution could be it! The MPOS Switch makes the mobile wallet technology agnostic. Now before we go too much further, I must acknowledge that the new Square Wallet app in use at Starbucks actually incorporates a step towards the ubiquitous mobile app model I'm introducing here. So they may or may not have prior art here in part, but perhaps not likely in full. David W. Schopher of the Luciano Group wrote a great article analyzing Square Wallet at Starbucks. The Square Wallet when used at Starbucks operates like the Starbucks Card Mobile app. A QR code is generated (using Scanlife tech) and scanned by a scanner near the Point of Sale. The only exception for now is that users add a credit or debit card to their wallet to pay versus a Starbucks gift card. Square used at all other stores aside from Starbucks works by means of geo-fencing and checking in. To pay the user taps the "Pay Here" button. When paying the user may give their name or show their phone screen to the cashier to match it up with the same name and picture displayed on the cash register screen. One problem that the Square for Starbucks app appears to be transferring is a non-unique bar code for every transaction. It appears the single barcode is used for every transaction. It sure seems to me that it would be more secure if a unique barcode was generated for each transaction. Of course Square and Starbucks know this is best, it may be they do not hold the patent rights or have yet completed this version of their app. Who holds such patent rights? Perhaps Corefire, Paydiant or Qualcomm?
Discussing the Future
of Mobile Commerce!