A Zimbabwean technology firm has developed an in-store payments system that lets shoppers pay at the point-of-sale through a sound emitted by their mobile phones.
For what its worth, TagAttitude is one company that appears to have deployed NSDT in several countries with some success...
However, I believe the 'retailer issue' regarding POS updates is a significant hurdle that many can't break through...thoughts?
Hi Alexander and Lauren, I'm one of the partners at NearBytes, the company behind the technology EdgePay is using.
Regarding the issues Clickle had, we use a different patented method that is not affected by noisy enviroments. Besides this we are much more compatible than Verifone, being also available for computers browsers, raspberry pi or even SmartWatches
About POS updates, we are seeing a trend of "smart" POS becoming cheaper and most of the news ones are actually runnind linux or android. We envision that when the merchant gets a new POS chances are he will prefer one of these new ones that enable not only
payment but also in store loyalty, promotions, etc.
Feel free to contact us if you want to test the technology on real situations
So as a consumer I take out my phone, open the app, place it near the POS, wait for it to transmit the transaction, enter the PIN, put my phone next to the POS again ... it doesn't sound like a seamless customer journey. I wonder what are the benefits compared
with cards, and for whom?
Hi Tom, the transaction workflow demostrated on the demo video is just one of many workflows which can be implemented. We choose this one to demonstrate that data transfer can happen both ways between the POS and the mobile, otherwise the transaction can
be accomplished in one step (Customer enters amount to be paid, and PIN on mobile app and then transit details to POS and payment is relayed to bank). The benefits are numerous (from an African point of view)
What is the problem that's being solved here? The user still has to hold a phone somewhere nead another device as part of a payment transaction.
Kudos to Edgetech team to build sound based near field authentication solution with out using NFC chips (new models of smartphones) or other similar accssories.
Technology is based on basic microphone and speaker which comes with any mobile. Microsoft research team has done successful implementation please refer to the link - http://www.themobileindian.com/news/13639_Microsofts-alternative-to-NFC---Dhwani
It's only matter of creating business cases, putting it in commerical field level implementation and any phone can be used for payments in most secured way with out major costs of upgrade but only effort to modify terminals.
Unless a new payment experience offers significant benefits over paying by card, it is unlikely to achieve mass adoption. Wilson has given some reasons that are applicable in Zimbabwe, but not in UK / W. Europe. The level of user participation in a payment
should be as low as possible, commensurate with the value of the payment and the level of risk.
Hi Tom, we totally agree with you, that's why there are more interaction levels possible, each client can customize the level of complexity/security he wants. As Wilson mentioned, the 2-step payment he is currently using can be changed to a 1-step if he
Please check the video below, in which we should how the same solution can be used for mobile-mobile and mobile-web.
the goal, in the end, is to have a single experience no matter what kind of payment (POS, web, mobile) the end user is doing and being faster/more convienent than the current methods (cards, cash).
our goal is to "be faster than money"
© Finextra Research 2016