TranZfinity, a Carlsbad, Calif.-based company that provides NFC-enabled devices, has launched a mobile POS solution using NFC phones for merchants who require mobility in their transactions with consumers, such as street vendors or restaurant delivery services.
Using an existing mobile phone along with TranZfinity’s Myztro, a smartcard reader that can attach to a cell phone via Bluetooth, and a secure mobile POS application, merchants can now offer secure transactions for their customers anywhere. Although closed-loop pre-paid card schemes will be certified first, it is expected that this solution will ultimately support MasterCard PayPass, Visa payWave and even PayPal Mobile in the coming months.
The only requirement for merchants is an NFC enabled mobile phone, which includes existing NFC handsets or handsets enabled with NFC peripheral devices like Myztro, and a secure payment application running on the mobile phone. Consumers need a contactless card or a contactless sticker attached to a cell phone.
The payment transactions will use existing local processing infrastructures and tie in directly to existing card processing platforms. Delivery and maintenance of the payment application is provided by TranZfinity’s Secure-Z ETSM platform that can be hosted by TranZfinity or offered as an enterprise license to those companies who wish to provide TSM services for the remote management of applications and devices.