Logomotion provides service for banks to speed delivery of mobile contactless payments to mass market
Logomotion, a mobile payment solution provider, has launched a secure near field communications (NFC) microSD memory card that enables banks to offer full mobile contactless payment capability through customers' existing handsets.
Unveiled at Mobey Forum's third 2012 Member Meeting in Washington DC, Logomotion's LGM Card provides a fast and secure channel for banks to offer mobile contactless payment services to the mass market by unlocking the latent potential of billions of handsets with memory card slots currently being used by customers around the world.
By adhering to all recognised standards for mobile contactless payments based on secure payment chips, LGM Card is capable of supporting all open payment schemes, such as MasterCard PayPass. This enables issuing banks to easily transfer their existing personalised card products to the mobile contactless environment and ensures mobile contactless payments made with LGM Card will be accepted at standard contactless point of sale terminals anywhere in the world.
LGM Card enables banks to deliver mobile contactless payments via an independent secure element, thus retaining control over their customer relationships and existing payment processes. New revenue opportunities for banks are also presented by the patent-pending two secure element architecture of LGM Card. The second secure element contains a virtual POS terminal which lets customers pay for mobile content and additional applications directly on the LGM Card in their phones and also to make micro payments to small merchants.
'From the beginning, we knew that for mobile payments, consumers trust banks the most. Also, banks want a fast and secure solution for payment with mobile phones,' commented Dave Riffelmacher, CEO, Logomotion. 'With the LGM Card, banks can drive adoption and regular mobile payment use in the mass market. LGM Card removes the technical and business barriers that have prevented banks from turning this opportunity into a commercial reality. With LGM Card, any customer with a phone armed with a microSD card slot can perform mobile contactless payments. It really is that simple.'
At the Mobey Forum Member Meeting, participants saw demonstrations of contactless payments where the LGM Card was inserted into a range of phones, including those where the SD slots are in seemingly problematic locations, such as under the device's battery or under a protective metal outer cover.
'Mobey Forum encourages banks from all over the world to investigate new and innovative solutions for accelerating mass market adoption of mobile financial services,' added Sirpa Nordlund, executive director, Mobey Forum. 'We are delighted to provide Logomotion with a platform to introduce this exciting solution to the banking community.'
In addition to its mobile payment capabilities, LGM Card also provides users with all the conventional benefits of microSD technology, including the expanded memory capacity which enables the customer to store contacts, songs, photos and other data.