CorFire™, the mobile commerce business of SK C&C USA and the industry-leading mobile technology expert, and Payfone, a remote mobile commerce company, today announced plans to integrate CorFire's mobile wallet application, CorPay™ with Payfone's remote mobile commerce solution.
This partnership will enable merchants to deliver fast and secure solutions without compromising security or the consumer experience.
Payfone authenticates through the bank and carrier networks, making it easy for merchants to implement an accelerated user registration process. Payfone doesn't require changes to backend systems or new payment marks. Moreover, consumers do not have to download or install the application which, in turn, enables merchants to quickly and easily increase conversions and improve customer loyalty.
"By integrating Payfone's technology with CorFire's mobile offerings, we streamline mobile commerce for the retailer and provide a secure channel for consumers to fully leverage mobile," said Jon Squire, CMO of CorFire. "The process eliminates lengthy account entry and ensures the legitimate end-user is in possession of the phone where the merchant m-commerce app is installed."
The worldwide remote mobile digital payments market is forecasted to surpass $2.5 billion by 20141. However, some merchants struggle with low conversion rates due to consumer frustration with the process.
"Payfone and CorFire will remove key barriers to merchant m-commerce app adoption by eliminating the friction that most mobile shoppers experience while maintaining secure transactions," said Matthew Tucker, chief operating officer at Payfone. "Eliminating the hassles surrounding mobile commerce is a significant step in driving adoption rates and acceptance."
CorFire's CorPay solution is a single, intelligent mobile wallet platform that essentially virtualizes current wallet functions so that consumers no longer have to carry a physical wallet—just their smart phone with the CorPay application installed and configured. CorPay allows consumers to use their mobile devices to pay for goods and services while on the go, in a clean, quick, intuitive, and convenient manner.