Apple has submitted a patent application for peer-to-peer financial transactions. Apple's patent application describes an iPhone app and service, that will allow iPhone owners to store all their credit card, bank/checking account and other info on the device, and to make quick personal and business transactions with a few taps.
Mobile micropayments through your smartphone is emerging, and, most likely, soon to become pretty hot category.
Nokia is looking how to introduce mobile payments to developing world with it’s Money service. Meanwhile, startups like Square and established companies likeVeriFone are working on ways to bring personal mobile transactions to your iPhone, and, hopefully, any other smartphone you have in your pocket.
Well, those companies planning to make a living from their personal mobile payment iPhone app/accessory/service, better start thinking about other mobile platforms soon. Because Apple is actively eyeing personal mobile payments, as a market they want to have for themselves.
At least that’s what an Apple’s patent application called “Peer to peer financial transaction devices and methods” indicates.
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Ideal for service industry, Bluetooth-enabled POS allows customers to make payments while maintaining control of their card
Electronic Transaction Association Meeting & Expo 2010
BOSTON--(BUSINESS WIRE)--Merchant Warehouse®, a premier provider of merchant accounts and credit card processing solutions, today announced the release of MerchantWARE® Pay @ The Table with BINsmart™, a secure wireless payment option that brings payment to the customer in a fast, efficient and secure manner, and helps merchants improve their operational costs. Pay @ The Table with BINsmart incorporates all the features of Merchant Warehouse’s BINsmart product, which identifies whether the method of payment is via credit or debit card then prompts for the less expensive transaction, saving the merchant on interchange fees.
“We are pleased that Merchant Warehouse chose Ingenico’s i5100, AQUA, and I7780 (Pay @ Table) for their BINsmart solution. This solution clearly brings their customers an effective method to control their operating costs by minimizing interchange fees while offering a true and secure customer payment convenience”
The MerchantWARE Pay @ The Table with BINsmart solution is customized for each merchant and integrated with the wireless Ingenico I7780, a Bluetooth enabled light-weight and secure terminal that is operational up to 600 feet from the main POS terminal. Credit card data is encrypted using Bluetooth technology between the wireless terminal and the POS and then transported via a SSL connection to the Merchant Warehouse payment gateway where data is tokenized and returned to the POS for final transaction. The I7780 integrated with MerchantWARE Pay @ The Table with BINsmart not only improves operational costs, it is the ideal, wireless solution for table-side payments, patio service, curb-side payments, drive-thru payments and seasonal check-outs.
“This is exciting technology that enables the merchant to have complete control of their environment from operating costs to the customer experience,” said Henry Helgeson, co-CEO of Merchant Warehouse. “On the flip-side the customer maintains control over their payment experience, as they can see the card throughout the payment process which is transacted at their table, and merchants are given additional peace of mind that their customers’ card data is safe. Bottom line, bills are settled faster, and the overall customer and staff experience is greatly improved and card data is secured. It’s a win/win scenario!”
“We are pleased that Merchant Warehouse chose Ingenico’s i5100, AQUA, and I7780 (Pay @ Table) for their BINsmart solution. This solution clearly brings their customers an effective method to control their operating costs by minimizing interchange fees while offering a true and secure customer payment convenience,” said Lisa Shipley, Senior Vice President of Sales, Ingenico, North America. “The hospitality industry has been waiting for a viable and cost-effective Pay@ the Table solution. Our wireless Bluetooth payment terminals help eliminate card skimming by allowing customers to maintain control of their card which in turn helps prevent fraud and identity theft at the start. On the other hand, Merchant Warehouse’s BINsmart application enables restaurant owners to maintain control over their operating costs by minimizing interchange fees, quickly turning tables and improving wait-staff efficiency.”
About Merchant Warehouse
Since 1998, Merchant Warehouse has enabled merchants to process all forms of electronic payments including credit, PIN-debit, loyalty & gift cards, EBT and checks. The company continues to deliver competitive merchant account pricing, PA-DSS compliant solutions, and dedicated customer support to their merchants, partners and independent sales organizations. Merchant Warehouse leads the industry with innovative groundbreaking technology initiatives including: MerchantWARE®; BINsmart™; and MerchantWARE Mobile. Merchant Warehouse has been named theETA 2009 ISO of the Year, Business Solutions’ Best Channel Vendor for 2009 & 2010 and is a two-time recipient of the Boston Business Journal Pacesetter Award. Merchant Warehouse co-CEO, Henry Helgeson, was also named Ernst & Young Entrepreneur of the Year 2009 for New England. The company is committed to community and charitable involvement. For more information, please visit http://merchantwarehouse.com or follow us on Twitter at http://twitter.com/MWarehouse