24 October 2009 at 12:32 PM
Yeah, that’s what we think too. The world is full of “new mobile payments companies”, new ones are born every day. The truth is, they all really just amount to the same thing, Yet Another Payment System. All these YAPS offer the same features and have the same limitations just bundled differently.
The world does not need another payment system that forces users to register and create new accounts. The world does not need another card-based financial product that hides behind the mask of a mobile phone. What the world needs is a payment method for those that don’t have a credit card or that don’t want to use it online. What the world needs is a No-Registration, 1-Touch, secure payment method that offers access to mobile airtime funds and the impulse-driving convenience that only the mobile phone account can provide.
So we are not Yet Another Payment System, we are a new company called Payfone. We believe the world is changing, and a new global payment processor needs to be built to meet the needs of new global digital economies. People across the globe are experiencing the internet in new ways. Mobile applications are re-drawing the lines that define access to digital content and local experiences. But the new global economy that is being built around these digital goods and services is being stifled. People won’t buy if they don’t have a way to pay, feel its not safe or if its inconvenient. That’s why building a new payment system that serves a global market in an efficient way is important to us.
Mobile is an important part of this because no other system reaches so ubiquitously across geographies and demographics. For example – access points to purchase mobile airtime outnumber ATM access points 80 to 1 globally. Mobile operators across the globe have powerful assets that can enable amazing user experiences and the most widely distributed financial platform the world has ever seen. Yet they haven't succeeded in doing this yet because no one has figured out a way to use existing systems in a simple, scalable way that makes users feel safe using their mobile account for purchasing.
So at Payfone, we set out to create a great buying experience that leverages the reach and access of mobile. Along the way we’ve created some amazing new technology that, for the first time, gives consumers the ability to buy even if they don’t have a credit card or don’t want to use their card online, while providing a superior, failure-free experience. So check out our site to see why we’re not just another one of the YAPS …