January 15, 2014
The payment landscape is drastically changing with ever improving mechanisms and customer acceptance of the alternative payment technologies. Starting from hard cash, the journey of money has passed through many places (and phases) including credit cards, debit cards, online payments, portable/wireless card swipe machines and the time had come now for mCARDS. If you are wondering what does m stand for in the name, it’s a plethora of things that include Money, Mobile, Merchant, Marketer, and perhaps MasterCard. mCARDS, incorporates the power of all the above mentioned Ms, everytime you use the mobile card.
mCARDS is an innovation brought by PayWith to introduce to the merchants a ubiquitous solution to process mobile payments easily with a host of other added advantages. All these features (which we will discuss) can be integrated with the merchant's existing hardware and POS equipment. The PayWith team came up with what they called 'virtual credit card' in order to do this. This credit card can be shown on a mobile device and could be dynamically created each time the customer made a transaction. To accept a PayWith mCARD an end customer simply needs to input the mCARD number displayed on her phone into the existing credit card terminal.
Headquartered at Vancouver, British Columbia, Canada, PayWith allows merchants and end-customers to experience new payment solutions. They did a successful closed beta of 2,000 registered users & 50 participating merchants earlier. Paywith also provides their customers with deals, discounts, and loyalty rewards mechanisms. mCARDS were first introduced by PayWith in January 2012 in a beta version.
The end-customers can just carry their mCARDS in their mobile wallets and present them to their merchants during the time of any purchase. The merchants can complete a transaction with these mCARDS with no new hardware or software required to be installed. Also the merchants can track their consumers’ buying behavior from their online engagements for store transactions, thus enabling the merchants to completely analyse their marketing to purchase cycles.
These mCARDS can be easily issued by Merchants/Brands to their customers, and their followers. The issuer can always track the purchases, spend, frequency, visits and marketing message that led the consumer to transact in-store using their mobile device.
PayWith partnered with MasterCard and Silicon Valley Bank, to develop this new ground breaking technology that allows the consumers to transact using their mobile phones anywhere in the world, in any currency or language and at any of MasterCard’s 32 million merchants. This mobile payment technology was also merged with marketing and rewards solutions for the merchants that let their customers use this.
Every time a consumer uses a mCARD, he/she will be rewarded with points that can be later redeemed in the form of discounts and benefits from their favorite merchants. On the other hand, those merchants can track various details about their customers as explained above, and can do real ROI calculations. PayWith also provides a marketing and communications portal that acts as a great tool for the merchants to connect with their customers and track all the above mentioned data in one dashboard view.
PayWith mCards are simple pre-paid vouchers that consumers can redeem with their smart phones. Offers can be linked to mCards with usage restrictions based on the time of day, the amount spent and the specific individual or organization.