Paying with Credit Card through your Mobile Phone

What do you carry in your wallet? Credit cards? Stores loyalty cards? Coupons? With the new mobile payment solution, presented by MobilePay, you may soon leave all that at home, and use your mobile phone for making purchases and earning appropriate rewards.

Unlike some of the other mobile payment players, already existing on the mobile pay market, MobilePay doesn't require the vendors or customers to buy new hardware, install new software, use bar codes, use NFC (Near Field Communications or RFID Tech), use BlueTooth technology, or require providing a code or phone number to the merchant cashier in order to process a payment transaction. The mobile payment app will connect to the company's cloud service and it will give you access to multiple payment options, as well as discount and group cards. Also, security is quite an important consideration for anyone, so this mobile payment system does not store your actual credit card numbers on the device. So, there is no danger that losing your phone will automatically give strangers access to your finances.

How does it work? With MobilePay, a consumer who's ready to check out in a participating store can have the store appear on his phone via geo-location. The customer touches a "pay store" button, enters a four-digit PIN and the amount to pay, and then confirms the transaction by touching a "pay now" button. The authorization appears simultaneously on the phone as well as on the merchant's point-of-sale terminal, and transactions are charged to credit, debit, or loyalty card accounts, associated with the MobilePay.

The platform also gives vendors a way to offer rewards to repeat customers in the way of discounts and cash back for passing a certain threshold of money spent at the store. MobilePay picks up 1 percent of each transaction as payment for the service. It also has access to GPS data for individual users, which means it can deliver targeted advertising for deals � another potential revenue source.

So far, MobilePay works on the Apple iPhone, but the company has close plans to introduce apps for Google Inc.'s Android, for BlackBerry, and for Windows Mobile 7. The apps are downloadable and free to the consumer.

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