VeriFone Systems (NYSE: PAY), today announced the Paymedia Universal Acceptance Platform (UAP), a complete suite of services and software that enables Mobile Network Operators (MNOs) to manage mobile wallet acceptance at merchant systems.
PAYMEDIA UAP closes the loop between wallet providers and merchants, providing everything needed to deliver the benefits of advanced mobile payment, promotions and couponing applications to millions of consumers and merchants worldwide. PAYMEDIA UAP ensures that mobile wallet transactions of all types will be processed smoothly at merchants and allows wallet providers to greatly expand the variety of services and applications offered though their wallets and increase consumer stickiness of their apps.
"The missing element in MNO's mobile wallet plans has been the lack of focus on how to provision, integrate and manage wallet and value-added acceptance apps at merchants' systems," said Paul Rasori, VeriFone senior vice president of marketing. "VeriFone's PAYMEDIA UAP bridges that gap in the NFC ecosystem by managing the complexities of mobile commerce acceptance and ensuring a seamless buying experience no matter what wallet, app or program consumers bring to stores.
The PAYMEDIA UAP services and software enable MNO's and wallet providers to easily download wallet acceptance applications directly to merchants' point of sale systems and allows merchants to connect the app to the provider via the cloud-based PAYMEDIA Network Services. Utilizing the PAYMEDIA infrastructure, wallet providers maintain full management capabilities over their applications with the ability to update them at any time with new features and services managing every aspect of acceptance.
PAYMEDIA UAP includes the PAYMEDIA Network Services, Estate Management software, and the VeriFone NFC App Manager built into all VeriFone NFC acceptance platforms. In addition, the PAYMEDIA UAP platform provides open API common interface standards to ensure that value-added wallet data not traditionally supported will flow seamlessly through merchant systems without disruption.