Many in the payments arena believe that contactless payments will be the next big thing. But before consumers can make such payments, they have to get their hands on the medium, whether it is a card or key fob, to complete the purchase.
MobiBucks has found a way to harness a medium that 2 billion people already have: a cell phone. MobiBucks is a convenient, secure payment solution that enables customers to pay for purchases with their cell phone number.
In other words, MobiBucks turns a consumer's cell phone into a wallet. MobiBucks' trials indicate that its solution can convert up to 50% of cash payments to electronic transactions.
MobiBucks is free to consumers. Consumers register online or in the store and add money to their account at either location. Funds can be added using cash, a credit card or a bank account.
When consumers are ready to pay at the POS, they key in their cell phone number and a four-digit PIN - and that's it. They don't even have to have their cell phone with them to use the service.
After each transaction, consumers receive a message on the phone confirming the purchase. Transactions are settled daily, and consumers can track their accounts and view past transactions on their phones or at the MobiBucks Web site.
MobiBucks works with existing POS hardware and software, including stand-alone terminals and POS systems.
It also works for merchants who don't have any existing POS hardware or software, as MobiBucks offers a solution for dial-up and TCP/Internet protocol connections.
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