‘PayTooSwipe’ Touts Global Mobile Merchant Acceptance via EMV, NFC (May 7, 2013)
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip and NFC.
With PayTooSwipe, Ft. Lauderdale-based PayToo aims to reach millions of small-business merchants with a platform developed with technology from Singapore-based processor Mobilepaid, which specializes in secure mobile commerce and operates a proprietary EMV switch. Palo Alto, Calif.-based AnywhereCommerce, a provider of wireless payment acceptance tools, including the Walter Chip and Signature mobile payment solution introduced last month, developed the hardware that adapts devices to PayTooSwipe, the companies said. As more markets worldwide embrace EMV, merchants are demanding more technology options for mobile payment acceptance, Rick Oglesby, a senior analyst with Aite Group, tells Paybefore. Technology providers that have strategies to support all major presentation methods like NFC, chip and signature and chip and PIN are responding to demand from merchants expanding the types of payments they accept, he says.
The growing number of mobile POS systems available could increase payment acceptance by as many as 20 million merchants, according to a Javelin Strategy & Research report citing the effect of systems like Square, PayPay Here, SpotPay and iZettle, among others, expanding market share worldwide.