|Description||P2P & NFC Mobile Payments|
|Series A, 2/11 |
RFinityâ€™s Person-to-Person payment app lets cell phone users instantly start making and receiving PayPal payments â€“ in the real world!
When making purchases, RFinityâ€™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 â€“ 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:
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.
RFinity Person-to-Person PaymentsAdded: 9/30/10