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Closed Date6/2013

General Information

Offices

Headquarters
901 Pier View Drive
Suite 207
Idaho Falls, ID, 83402
USA
Rexburg, Idaho Office
310 N. 2nd E.
Suite 112
Rexburg, ID, 83440
USA
Hong Kong Office
RM 1710, 17/F, Harbour Centre
25 Harbour Road
Wanchai, HKG

People

Board Member
Interim CEO, CTO

Funding

TOTAL $4M
FUNDING TOTAL $4M
Series A, 2/2011
Horizons Ventures
$4M

Tags

RFinity Closed down June, 2013

RFinity

RFinity’s Person-to-Person payment app lets cell phone users instantly start making and receiving PayPal payments – in the real world!

When making purchases, RFinity’s patent-pending peer recognition technology connects buyers to sellers without their needing to type in the other party’s email or cell phone number. This “Near Field Communication-like” experience simplifies the buyer-seller recognition process – using existing cell phones.

Presently available in the Android Marketplace, RFinity P2P is conducting a staged release on iPhone, Android, Blackberry, Windows Mobile, Nokia/Symbian, and BREW.

The RFinity P2P Mobile Payment platform safely extends electronic payments to new venues, such as:

  • Street fairs
  • Garage sales
  • In home product sales
  • Items sold via newspaper and internet classified ads
  • Borrowing and repaying among friends
  • Instant payment for home services
  • Anyone normally paid in cash

In addition to the P2P app, RFinity provides a traditional NFC solution, which uses NFC stickers to conduct contactless payments at RFinity-enabled VeriFone credit card terminals. Users simply tap their RFinity sticker on the credit card terminal, approve the purchase amount and enter their PIN. This technology is currently being used by students of Brigham Young University – Idaho (BYUI) to make purchases on campus and at nearby merchants. RFinity payment pilots have been underway since August 2009.

On the research side, RFinity also has conducted trials of NFC-enabled microSD cards (starting in Aug 2009) at BYUI. This platform enables ordinary cell phones to conduct secure payment and identification transactions through the use of a special type of microSD card. The RFinity microSD card contains an embedded near field communication transponder, secure processor, and protected memory storage. RFinity is demonstrating the power of the Mobile Open Encryption Platform through mobile payment processing and identity authentication transactions. This platform can be incorporated into a myriad of other applications developed by 3rd parties.

Recent Milestones

  • Check
    Closed. (6/1/13)
    Posted
  • Dollar
    RFinity received $4M in Series A funding. (2/1/11)
    Posted 2/14/11 at 12:25pm via techcrunch.com
  • Check
    RFinity — RFinity Interim CEO/CTO, Steve McCown has joined the Idaho Technology Council's Board of Trustees. (12/23/10)
    Posted 12/23/10 at 7:59pm via idahotechcouncil.org
  • Check
    RFinity — RFinity announced a new person-to-person payment application for Android phones. RFinity P2P now allows users to conduct transactions using PayPal payments. (9/22/10)
    Posted 9/29/10 at 5:33am via rfinity.com
  • Check
    RFinity — RFinity Announces Merchant Acceptance Solution: Mobile Phone Payments System to Work with VeriFone Solutions (9/9/10)
    Posted 9/29/10 at 5:27am via businesswire.com
  • Check
    RFinity — Rfinity expands BYU-Idaho University NFC pilot to local stores and shoppers through a partnership with Citizen's Community Bank. (7/15/10)
    Posted 9/29/10 at 5:30am via nearfieldcommunicationsworld.com
  • Check
    RFinity — RFinity Wins Contactless Intelligence’s Monkey Award for Trailblazing and Innovation (5/4/10)
    Posted 9/29/10 at 5:24am via businesswire.com
  • Check
    RFinity — RFinity launches NFC sticker pilot at Brigham Young University - Idaho. This allows students to purchase items in the university store by tapping their RFinity sticker on VeriFone contactless credit card terminals. (1/2/10)
    Posted 9/29/10 at 5:22am
  • Check
    RFinity — RFinity NFC-enabled microSD pilot launched at Brigham Young University -- Idaho. (8/20/09)
    Posted 9/29/10 at 5:16am via nearfieldcommunicationsworld.com
  • Check
    RFinity — RFinity Receives 2009 R&D Award for Mobile Encryption Technology (7/20/09)
    Posted 9/29/10 at 5:26am via businesswire.com
  • Check
    RFinity added Eric Laird as Product Manager. (5/1/09)
    Posted 2/14/11 at 10:55pm
  • Check
    RFinity added Steven H. McCown as Interim CEO, CTO. (10/8/08)
    Posted 10/8/09 at 10:06am
  • Check
    RFinity added Rajiv Dutta as Board Member.
    Posted 10/8/09 at 10:06am
  • Check
    RFinity added Bill Nixon as Board Member.
    Posted 10/8/09 at 10:06am
  • Check
    RFinity added Aaron Turner as Chief Executive Officer.
    Posted 10/8/09 at 10:06am

Videos

Above:

RFinity Person-to-Person Payments

Added: 9/30/10

Screenshots

Sources

  1. techcrunch.com [edit]
  2. BYU-Idaho students spend, spend, spend with their NFC phones (nearfieldcommunicationsworld.com) [edit]
    Citation Needed [add]
    businesswire.com [edit]
    Business Wire (businesswire.com) [edit]
    Business Wire (businesswire.com) [edit]
    Nearfield Communications World (nearfieldcommunicationsworld.com) [edit]
    RFinity Website (rfinity.com) [edit]
    Steve McCown joins the ITC Board of Trustees (idahotechcouncil.org) [edit]
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Last Edited 9/16/13

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