“The NFC market has encountered many false dawns from its inception almost seven years ago,” comments Senior Market Analyst Don Tait. “The launch of a number of NFC-enabled smart phones in 2011 is helping the market to gain traction. Also, use of NFC-enabled phones for payment, mass transit & ticketing and access is projected to boost market development over the next few years.”
May 10, 2011 08:30 AM Eastern Daylight Time
Latest Mobile Payment Concept Would Let Small Businesses Accept Customers’ Payments Without an Actual Credit Card
Google I/O 2011
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Demonstrating ongoing leadership in mobile payment innovation, Intuit Inc. (Nasdaq:INTU) has developed a concept demo that reimagines its GoPayment mobile credit card processing application using near field communications (NFC). The company is showcasing the demo at the Google I/O developer conference in San Francisco today and tomorrow.
Built on Google’s Android™ mobile platform and using NFC technology with Nexus S by Google, Intuit has transformed its existing GoPaymentmobile credit card processing application into one that transfers credit card data via radio waves, eliminating the need for the actual card or any add-on card reader hardware.
Leveraging emerging mobile technology such as NFC, small businesses and their customers may one day soon be able to conduct a myriad of daily tasks on their mobile devices -- including paying and getting paid -- faster, easier and more securely. All they will need is their mobile device and nothing else.
Intuit is showing its application in the Developer Sandbox area, which highlights next-generation products. A video demo is also available online at: http://Blog.gopayment.com.
Along with developing on the Android platform, Intuit recently announced that it’s developing GoPayment for Android™ 3.0-based tablets. It’s expected to be available this summer.
At Google I/O, Intuit will show how small business owners can use the GoPayment NFC application in multiple ways during their everyday operations – from adding inventory to completing a sale.
To add an item to inventory, a small business owner would simply tap their phone against a product with a smart tag. All information on that product would then appear in the mobile payment application.
Customers could also pay for products using a virtual debit card residing on their phone. To complete the purchase, the customer and small business owner would simply touch their phones together, eliminating the need to swipe a credit card. Plus, no actual credit card information is exposed during the transaction further protecting this sensitive data. Customers could use this same process to receive a receipt, or have a copy of the receipt sent automatically via e-mail or text message.
The result is a faster, easier and more secure way to conduct business without the need for a physical credit card or credit card reader.
Innovating for Customer Needs
“With GoPayment we are exploring every avenue for innovation that best meets our customers’ needs, and this includes technologies such as NFC that are still in the early stages of adoption,” said Chris Hylen, vice president and general manager of Intuit’s Payment Solutions division. “Innovation is happening rapidly in the mobile payment space and we want to be ready to help the millions of small businesses and consumers we serve benefit from the latest technology.”
While the NFC integration with GoPayment is still in concept phase, Intuit is working to incorporate the technology as a feature in the offering in the near future. For more information, visit the Android area of the Developer Sandbox, which is on the 3rd Floor of Moscone West.
Introduced more than two years ago, GoPayment was one of the first mobile payment services on the market. Today, thousands of people who sell products and services use GoPayment to accept credit cards via their mobile device. GoPayment is growing quickly with GoPayment users processing more than $19 million a week using GoPayment and related services. GoPayment is available for iOS, Android, BlackBerry and Windows 7 devices with no monthly fee, no transaction fees and a free credit card reader. For more information, go to http://gopayment.com/.
About Intuit Payment Solutions
Intuit is one of the largest small business payments processors in the U.S. It processes annually more than $17 billion in transactions for approximately 300,000 small businesses. Over the last 10 years, Intuit has helped small businesses get paid and improve cash flow with a complete family of end-to-end electronic payment solutions. This includes services to process credit cards, e-checks and online payments via a variety of channels including mobile devices, web and retail stores and integrated solutions such as QuickBooks.
- GoPayment (http://gopayment.com/)
- GoPayment NFC video (http://network.intuit.com/videos/937284574001/)
- GoPayment Blog (http://Blog.gopayment.com)
- GoPayment on Twitter (http://twitter.com/gopayment)
- GoPayment on Facebook (http://www.facebook.com/IntuitGoPayment)
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management, payment and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
Intuit, the Intuit logo, and QuickBooks, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Android is trademark of Google, Inc.