New York-based m-commerce company Payfone today announed the release of a new mobile payments solution, 1 Touch Checkout, on a limited basis. Payfone also announced Cleveland-based payment transactions firm CardinalCommerce as its first channel partner.
According to Payfone, the solution ties shoppers' mobile identities with payment instruments, and is designed to stem shopping cart abandonment in mobile commerce sales. The patent-pending solution securely authenticates transactions through bank and carrier networks. According to Payfone, consumers who use the solution do not need to download or install anything on their phones, they register once through a mobile banking app and billing and shipping information is automatically linked to the mobile phone identity so purchases can be made. The company also said that merchants can deploy the solution over their existing account structure, with no new code or payment mark required.
Payfone said it is currently growing its partner ecosystem and will launch a pilot program later this fall. The company's investors include American Express and Verizon.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio