As the competition in the mobile payement game begins to heat up, the alternatives to traditional payment methods grow ever bigger. NFC is poised to make a huge difference is the way we buy things, and the major players in the industry have proved that. As far as carriers go, Verizon, among others, has taken a liking to Isis for NFC management. But as great as Isis and NFC is, the reality of the situation is that NFC won’t become any sort of top option for quite some time (thanks to hardware requirements, on the consumer and corporate side), especially online. People still need a way to plug in numbers, click on links, and keep things slightly more traditional. That’s why today, Verizon has announced a new partnership for mobile payments with startup company Payfone.
According to Greg Haller, marketing vice president, Verizon Wireless:
Our relationship with Payfone complements the part of the mobile payments equation we’re already working on with our Isis joint venture. We approach the mobile payments arena from a customer’s perspective. As we move forward, the most important goals will be security, privacy and simplicity. Through our relationship with Payfone, we will be able to quickly offer value to our customers by offering them greater choice and a simple, safe and secure purchasing experience when shopping online from their smartphones, tablets and PCs.
Other than a healthy does of the usual press release rhetoric (“we love working with this company, and so will you..no WE love working with THAT company, and consumers are gonna love it too”), details on Verizon’s plans regarding how they will enable Payfone payements are unsurprisingly sparse. It is mentioned that, “intelligent routing, pre-authorization and authentication designed to reduce the friction and fraud that affect sales” will all be handled by Payfone, but not much else.
Look for more information on how Verizon and Payfone will be making their way onto a Droid near you sometime soon.
New Service Will Allow Verizon Wireless Customers to Make Mobile Payments for Online Purchases from Smartphones, Tablets and PCs
Basking RiDge, N.J., and NEW YORK – Verizon Wireless and Payfone, a leading mobile payment processing service, today announced the companies are working together to bring a new mobile payment system to Verizon Wireless customers. When available, the service will allow Verizon Wireless customers to make online purchases from their smartphones, tablets and PCs using numerous payment methods, including charging purchases to their monthly wireless statements or using traditional payment methods through financial institution partners.
“Our relationship with Payfone complements the part of the mobile payments equation we’re already working on with our Isis joint venture,” said Greg Haller, marketing vice president, Verizon Wireless. “We approach the mobile payments arena from a customer’s perspective. As we move forward, the most important goals will be security, privacy and simplicity. Through our relationship with Payfone, we will be able to quickly offer value to our customers by offering them greater choice and a simple, safe and secure purchasing experience when shopping online from their smartphones, tablets and PCs.”
With Payfone’s unique approach to mobile payments, operators and merchants are able to complete transactions securely and accurately. Payfone also provides other features important to consumers and merchants, including intelligent routing, pre-authorization and authentication designed to reduce the friction and fraud that affect sales conversion and revenue yield for merchants and operators.
“We are pleased to be working with Verizon Wireless to deliver a new level of convenience, security and flexibility to their customers and to boost revenue and conversion for operators, merchants and publishers,” states Rodger Desai, chief executive officer, Payfone. “This underscores Verizon Wireless’ dedication to cutting-edge innovation as it stays ahead of the mobile payments curve.”
For more information about Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to www.verizonwireless.com.
About Verizon Wireless
Verizon Wireless operates the nation’s fastest, most advanced 4G network and largest, most reliable 3G network. The company serves 104 million total wireless connections, including more than 88 million retail customers. Headquartered in Basking Ridge, N.J., with 85,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE, NASDAQ: VZ) and Vodafone (LSE, NASDAQ: VOD). For more information, visit www.verizonwireless.com. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.
Payfone authorizes and processes mobile payment transactions for the world’s best known application stores and merchants. Payfone’s unique ability to leverage the mobile operator network to directly authorize and process payments drives higher sales conversion and revenue yield for merchants and mobile operators, while managing fraud and revenue leakage. As a result, consumers benefit with a wide choice in payment methods and the best user experience. Additional information is available at www.payfone.com and www.twitter.com/payfone.