By Randy Smith,
Mobile Wallet Media
July 8, 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.
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Can Clinkle iron out it's wrinkles? Will the Winklevoss's venture lead to a quick flip or flop?

Clinkle, a mobile payment/wallet startup launched in 2011, announced last week it secured a record 25 million of seed capital. Is Clinkle the next Square for mobile wallets? So how are these Stanford, smarty pants, students going to rock the world of mobile payments? They have a dog whistle and some solid graphic designers. Sorry I could not resist calling their very cool and genius invention a dog whistle, but it really is. Question is, did they test it out on dogs to see if the noise will drive them crazy? Will their inaudible message be heard round the world or even the U.S.? Hmm, maybe.

Though Clinkle humbly admitted the world of mobile/digital payments/wallets is a very competitive and complex market, they are not seeking to simply license their tech, but rather build the whole enchilada. The mobile wallet is the marriage and convergence of mobile tech, retail POS tech, cloud tech, financial services, offers, loyalty, payments, advertising, marketing, entertainment (5-15 second video commercials), retail, social, security and convenience. I wrote in detail about this over the past year and a good chunk of my perspective may be found in my articles: Tour De Mobile Payments or Search, Social or SuperCommerce, etc..

So will Silicon VC's love affair with young, inexperienced and smart entrepreneurs or innovators work this time? Well, most of the time the VC's bet on niche plays, but this bet seems to be one aimed at competing with the likes of the big boys, like PayPal, MCX, pay networks, banks or perhaps Paydiant, Corfire, Cardfree, Square and Levelup. What would the Shark Tank have to say about trying to venture into such scary waters armed with a dog whistle and several smart Stanfordians to fend off and battle Googliath and several other giants? If the technology is that revolutionary, why not just focus on licensing/white-labeling the technology to mobile wallet giants? Why might this be their advice? To execute and compete in this space takes more than a slick, scalable and secure(?) whistle. It takes dozens, upon dozens of very talented and knowledgeable people with tier one perspectives on each of the disciplines mentioned above. Clinkle has admitted such needs and is seeking such individuals. I may even join them if they make an offer I cannot refuse. However, even developing a ubiquitous and convenient mobile wallet may not be their biggest issue. What might that be?

About a month ago I introduced technology I invented in 2010. The tech is much like Clinkle's, but requires no new hardware at POS and may work with any merchant terminal. It enables mobile payments by means of a 'mobile payment card' (encoded with network BIN or IIN, but not actual consumer card number), that is swiped to initial a transaction at POS. I soon found out, I had a Doppelganger inventor and he works for a fairly large prepaid processor. This company also invented and filed patent for like tech, in 2010. This company is also planning on bringing this tech to market soon within their own network and has a network BIN for use. This means mobile payments may be enabled at any POS without any software integration or new hardware at POS to enable mobile payments. Continue reading to gain my complete perspective and a summary of this invention.

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