Through unique smartphone and web applications, physical Automated Teller Machines (ATM) and point of sale hardware, Swipe Pay is the first mobile payment solution to offer the same functionality as a debit/credit card – but on a smartphone.
Swipe Pay is currently in the final stages of development and will be available to merchants and consumers in the UK and US later this year. Swipe Pay will make mobile payments easier and safer, ultimately boosting consumer confidence. The system will offer an unparalleled level of security across in-store and online purchases, ATM transactions and person-2-person transfers.
Users can easily load their own existing debit and credit cards onto the Swipe Pay smartphone app. Utilising encrypted QR codes and bluetooth technology to make payments, it is not only convenient but the most secure on the market. The app adds an additional seven layers of security to existing chip and pin solution and provides a fully secure alternative to the challenges many companies are experiencing with ‘near field communication’ technologies.
Nick Holland, a mobile transactions analyst at Yankee Group, said: “Because it’s contactless there’s a perception that people can grab it from thin air, but it’s actually a more sophisticated technology than traditional credit cards with magnetic strips, making it more difficult to steal a consumer’s paymentinformation”.