Introducing MobiBucks - Another Mobile Payments Approach
MonVia, a specialty firm that helps accelerate the growth of early stage start-ups, has announced the launch of MobiBucks, a new mobile payment solution. According to MobiBucks, "with just a cell phone number and four-digit Personal Identification Number (PIN), consumers can now easily make free and secure cashless transactions on everyday purchases." MobiBucks was founded by Jorge Fernandes, founder and former CEO of ViVOtech, and Dave Barram, a Senior Silicon Valley Executive at Apple, Silicon Graphics and Hewlett-Packard.
Available in heavily-trafficked consumer locations, such as cafés, sandwich shops, gas stations, grocery stores, movie theatres and convenience stores, MobiBucks allows participating merchants and customers to access a payment system that mobilizes consumer cash and gift cards. Features of MobiBucks include:
"By using a device that approximately two billion people already have, MobiBucks' patent pending technology is the ultimate solution and the future of mobile payment," said Dave Barram, co-founder and CEO of MobiBucks.
- Ability to convert cash into electronic payments using a cell phone even if the cell phone may not be on-hand
- Uses the ubiquitous mobile phone number as a unique identifier, and a secure PIN to conduct commerce
- No need to force consumers to purchase a new cell phone and merchants can also keep their existing payment systems
- Eliminates critical issues related to cell phone payments such as running out of power and unsafe or unreliable conditions
"Through a soft beta launch, we were thrilled to discover that consumers love MobiBucks because it's a free, convenient and fast way to pay without having their wallet on them," said Jorge Fernandes, co-founder and president of MobiBucks. "As a result, we believe we can convert more than 50 percent of all cash transactions at these high traffic consumer locations."
The MobiBucks process involves four easy steps:
"Consumers tend to spend more when they are not using cash as a form of payment," added Fernandes. "With MobiBucks, merchants will be able to convert cash into electronic payments and ultimately increase sales."
- One-time registration - Register for a MobiBucks card, retailer's gift card or a combination MobiBucks card compatible with multiple retailers
- Top-up - Add money to a MobiBucks account in-store or online and as often as necessary
- Make transactions - Purchase at any time, whether it's daily, weekly or monthly
- Check balances and transactions - Check MobiBucks account at any time online or via cell phone