MonVia, a specialty firm that helps accelerate the growth of early stage start-ups, today announced the launch of MobiBucks, a mobile payment solution.
With just a cell phone number and four-digit Personal Identification Number (PIN), consumers can now easily make free and secure cashless transactions on everyday purchases through MobiBucks.
Available in heavily-trafficked consumer locations, such as cafés, sandwich shops, gas stations, grocery stores, movie theatres and convenience stores, MobiBucks allows participating merchants and customers to access a payment system that mobilizes consumer cash and gift cards. Features of MobiBucks include:
- Ability to convert cash into electronic payments using a cell phone even if the cell phone may not be on-hand
- Uses the ubiquitous mobile phone number as a unique identifier, and a secure PIN to conduct commerce
- No need to force consumers to purchase a new cell phone and merchants can also keep their existing payment systems
- Eliminates critical issues related to cell phone payments such as running out of power and unsafe or unreliable conditions
"By using a device that approximately two billion people already have, MobiBucks' patent pending technology is the ultimate solution and the future of mobile payment," said Dave Barram, co-founder and CEO of MobiBucks.
"Through a soft beta launch, we were thrilled to discover that consumers love MobiBucks because it's a free, convenient and fast way to pay without having their wallet on them," said Jorge Fernandes, co-founder and president of MobiBucks. "As a result, we believe we can convert more than 50 percent of all cash transactions at these high traffic consumer locations."
The MobiBucks process involves four easy steps:
- One-time registration - Register for a MobiBucks card, retailer's gift card or a combination MobiBucks card compatible with multiple retailers
- Top-up - Add money to a MobiBucks account in-store or online and as often as necessary
- Make transactions - Purchase at any time, whether it's daily, weekly or monthly
- Check balances and transactions - Check MobiBucks account at any time online or via cell phone
"Consumers tend to spend more when they are not using cash as a form of payment," added Fernandes. "With MobiBucks, merchants will be able to convert cash into electronic payments and ultimately increase sales."