Tyfone
announced the launch of iCashe, a new mobile wallet and eCommerce engine that
offers purchasing power through any mobile banking application.
Built on top
of Tyfone’s u4ia mobile financial services platform, iCashe blends mobile banking features
with consumer purchasing, gifting and loyalty programs. With the option of
adding Tyfone’s SideTap microSD secure element technology, iCashe provides
contactless NFC payments and secure identity management.
“While
financial institutions recognize the need to provide mobile banking, the watch
and wait approach many have taken towards mobile wallet services sets the stage
for disintermediation by others including Google and ISIS,” said Andy
Schmidt, research director at TowerGroup, a Corporate Executive Board company.
iCashe will
offer convenient commerce service available through a mobile banking
application that allows people to purchase, send and redeem merchant gift cards
from over 100 different name brand merchants including Barnes & Noble,
Fandango and Zappos.com.
“iCashe
is the first wallet service that allows people to use mobile banking for
commerce,” said Siva Narendra, president of North America, Tyfone.
“A bank
ATM card has limited value if a person can only use it to check balances or
transfer funds; the same is true for a mobile banking application. By providing
consumers a mobile application that combines banking with commerce
capabilities, we’re not only putting the value and utility of a real wallet
into a mobile app, we’re strengthening the bond between consumers and financial
institutions. If banks give their customers something of value, it’s fair for
them to make money from it. iCashe is the first service giving financial
institutions revenue generating opportunities from mobile banking,”
Narendra added.
There is no
need for banks and other financial institutions to use Tyfone Mobile Banking in
order to offer iCashe to their customers. Any financial institution can offer
customers using electronic and mobile banking convenient commerce services
built on top of iCashe, and all financial institutions using iCashe will enjoy
a new revenue stream based on incremental transaction fees from iCashe purchases.
“OnPoint
Community Credit Union members who use Tyfone’s leading edge mobile banking
service find great utility from it and have a greater volume of banking
transactions,” said Jim Armstrong, OnPoint’s senior vice president of
technology.
“Giving
people the ability to make purchases through OnPoint’s mobile banking app is a
logical technology evolution. Once the retail NFC infrastructure is in
place, our mobile banking members using Tyfone’s iCashe will likewise be ready
to make contactless payments through our banking app,” Armstrong added.
By
Telecomlead.com Team
editor@telecomlead.com
