Verizon confirmed today that it is partnering with Payfone to bring new mobile payment options to its handsets. The new feature will allow Verizon customers to pay for online purchases using their mobile devices. Purchases can be applied directly to the customer’s wireless bill or to their credit card.
Verizon phones that ship with a web browser will start offering a “one-click” payment option. The feature will show up as a link on the merchants’ websites. Customers can click on that link to pay for a purchase that will then be charged to their wireless bill. But, for larger payments, customers can have the option to link a Payfone account to a credit card.
The advantage of using Payfone is for its security. The system ties a customer’s SIM card, device ID, and location to their account, so that it can detect when a different phone is being used or if it’s being used in an unusual location. Payfone also uses the SS7 global signaling network for payment authorization and processing.
VERIZON WIRELESS AND PAYFONE POWER NEW MOBILE PAYMENT SOLUTION
New Service Will Allow Verizon Wireless Customers to Make Mobile Payments for Online Purchases from Smartphones, Tablets and PCs
BASKING RIDGE, N.J., and NEW YORK – Verizon Wireless and Payfone, a leading mobile payment processing service, today announced the companies are working together to bring a new mobile payment system to Verizon Wireless customers. When available, the service will allow Verizon Wireless customers to make online purchases from their smartphones, tablets and PCs using numerous payment methods, including charging purchases to their monthly wireless statements or using traditional payment methods through financial institution partners.
“Our relationship with Payfone complements the part of the mobile payments equation we’re already working on with our Isis joint venture,” said Greg Haller, marketing vice president, Verizon Wireless. “We approach the mobile payments arena from a customer’s perspective. As we move forward, the most important goals will be security, privacy and simplicity. Through our relationship with Payfone, we will be able to quickly offer value to our customers by offering them greater choice and a simple, safe and secure purchasing experience when shopping online from their smartphones, tablets and PCs.”
With Payfone’s unique approach to mobile payments, operators and merchants are able to complete transactions securely and accurately. Payfone also provides other features important to consumers and merchants, including intelligent routing, pre-authorization and authentication designed to reduce the friction and fraud that affect sales conversion and revenue yield for merchants and operators.
“We are pleased to be working with Verizon Wireless to deliver a new level of convenience, security and flexibility to their customers and to boost revenue and conversion for operators, merchants and publishers,” states Rodger Desai, chief executive officer, Payfone. “This underscores Verizon Wireless’ dedication to cutting-edge innovation as it stays ahead of the mobile payments curve.”
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