San Diego-based IFAN
Financial, via wholly owned subsidiaries iPIN Technologies and Mobicash
America, is developing technologies to move the mobile payments industry toward
more safe, secure, and easy transactions. That said, the company’s solutions
address several key payment challenges.
First up is theft
and vulnerability; a common concern of consumers doing their shopping online,
whether it’s by phone, PC, or tablet. In the online payments process the
customer is exposed to identity theft, and the risk of unapproved transactions,
when they provide their credit card/debit card and personal data to the
merchant.
The IFAN solution
lies in its portfolio of key patents, which enable the company to prevent
exposure of personal customer data during business transactions. Small enough
to fit in your pocket, the company’s iPIN technology attaches to any smartphone
and converts the mobile device into a consumer PIN debit, same-as-cash payment
solution. Transactions are processed through the private and secure iPIN
Technologies Network and the consumer never has to enter their debit card data
online.
The next feature
tackles high payment processing costs, which come as a result of the higher
risk of online payments. Ultimately, these processing costs can de-incentivize
certain merchants from accepting credit cards and limit the ability of
consumers to use them.
With its
same-as-cash iPIN payment solution, IFAN offers an instantaneous method to
process the transaction and eliminates extended processing time, dramatically
reducing the processing cost.
Next, IFAN counters
the high costs of traditional money remittance services such as MoneyGram and
Western Union.
Mobicash America’s
Quidme debit text payment technology utilizes the text messaging function of a
mobile phone, allowing the technology to operate on almost any phone or
network, with or without data service. The functionality of the Quidme platform
allows users to pay bills, purchase goods and services, and to send money to friends
and relatives located locally or internationally via simple text message.
The Quidme platform
works without data coverage on any phone, enabling consumers to instantly
transfer funds without having to expose their sensitive personal and financial
data to the risk of identity theft. This is a game-changer for remittances
(sending money back home), which have an average transfer fee of around 8%.
Overall, Quidme allows cost savings of approximately 55% when compared to
traditional money remittance services, allowing for cheaper, quicker, and more
secure transactions.
IFAN continues to
explore opportunities to expand its product portfolio to address security
challenges and meet the growing demands for consumer/merchant convenience,
speed, and security within the mobile commerce market. The company’s
overarching mission is to produce technologies that combine the functionality
of social media, e-commerce, and banking with the broader conveniences of the
mobile environment.
For more information
visit www.ifanfinancial.com
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