PayWi Powers Personal Payments in Your Palm7 February 2006
Consumers looking to make retail and online purchases, monitor and pay restaurant charges, allocate monthly allowances for family members and many other financial transactions now have a solution right in their pockets -- their wireless phones.
PayWi, a wireless payment platform that conducts consumer financial transactions, will make its national debut Feb. 8 at the DEMO 2006 Conference in Phoenix, Ariz.
With PayWi, consumers can use their wireless phones to securely:
-- Make retail purchases without ever showing a credit or debit card
-- Monitor and share restaurant tabs in real time and instantly pay the
bill
-- Establish family sub-accounts and monthly allowances for shared users
-- Make secure online purchases
-- Transfer funds between bank accounts
-- Make payments toward monthly bills, either automatically or manually
"We already use our wireless phones to send text and pictures to each other, buy ringtones and games, and connect with people around the globe," said PayWi CEO Dave Barram. "PayWi is taking the next step in developing this social ecosystem by connecting financial transactions to the existing mobile community."
What sets PayWi apart from other wireless transactions is that no consumer credit or financial information is ever stored in the phone or transmitted via a wireless network. That way no important information can fall into criminal hands if a PayWi provisioned phone is lost or stolen.
Consumer information is stored on the company's secure servers. When a transaction is initiated by giving the merchant a PayWi account number, financial information is transmitted securely to a designated bank or credit card network. PayWi provides an extra layer of consumer control and security by requiring authentication from the mobile handset before transaction execution.
"The PayWi system brings critically important security to mobile payment solutions. PayWi is secure and convenient," said Chris Shipley, executive producer of the DEMO Conference. "What impressed me most about PayWi is how naturally it works. There's no requirement to change behavior; you just have one wireless account to remember for all sorts of payment options. And it is easy for merchants, too, which bodes well for widespread adoption of the PayWi wireless financial network."
For more information, visit http://www.paywi.com.
Source: prnewswire
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