A modern financial infrastructure
is emerging in many developing nations thanks to the power of mobile phones,
and it is in this new virtual economy that IFAN Financial is establishing its
operations.
Mobile payments are making waves
worldwide. All across the globe, mobile payment services are enabling banking
transactions in place of brick-and-mortar banking institutions, and steadily
transforming lives. Markets differ but, typically, customers can use these
cashless services to buy goods and services, pay bills, withdraw money and/or
send money to friends and relatives living in rural settings. While such
virtual payment services have not entirely replaced cash in the developing
world, they are indicative of how much and how quickly mobile technology is changing
daily life.
IFAN Financial and its
subsidiaries design, develop and distribute software that enable mobile
payments. With the company’s technologies, customers can use a debit card and
matching PIN number to make peer-to-peer cash transfers or online purchases
using a mobile phone, a tablet or a computer.
In early March 2014, IFAN
announced that its subsidiary iPIN Technologies had achieved a couple of
significant technological milestones under the company’s license agreement.
These milestones involve the development of the front-end database that will
enable a merchant processing transaction as well as the posting of the status
of a financial transaction to the merchant call back uniform resource locator
(URL). With the achievement of these major milestones, iPIN Technologies’
platform is roughly two-thirds complete.
The next and final developmental
milestones consist of the back-end integration of the application with a
merchant processing gateway and the completion of beta testing for Apple and Android
operating systems. When these final milestones are reached, iPIN Technologies’
solution will comprise a mobile app, card reader and merchant network that
allows customers to use their smartphones to make purchases conveniently and
securely.
For more information, visit
http://ifanfinancial.com
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