NEW YORK, NY--(Marketwire - Sep 11, 2012) - Payfone, the leading mobile commerce company, today announced limited availability of 1 Touch Checkout™, a new mobile commerce checkout solution that connects shoppers' mobile identities with their payment instruments to enable the easiest, fastest and most secure mobile commerce checkout experience possible. Payfone also announced that CardinalCommerce has joined the Payfone Ecosystem as its channel partner. The company will roll out Payfone's solution to a network of merchants to accelerate the widespread adoption of this new approach to mobile commerce.
Finding a Cure for Shopping Cart Abandonment
In 2011, U.S. mobile commerce sales surged 91.4 percent to reach $6.7 billion. Continued strong growth will boost this number to $31 billion in 2015.1 Despite the growth and innovation in the market, mobile commerce conversions remain stagnant, but shopping cart abandonment continues to be high at 69 percent2. This low performance is primarily attributed to the complex, time-consuming checkout process that makes mobile shopping a daunting experience to the user. Payfone's technology changes that.
"Consumers know that a frictionless checkout process is possible, but most retailers struggle to provide this kind of experience," said Rodger Desai, CEO, Payfone. "Payfone is providing an elegant mobile commerce checkout solution that doesn't interfere with any part of the checkout process or sacrifice security throughout the payment flow. We're pleased to welcome CardinalCommerce to our partner ecosystem and make our solution available to thousands of merchants."
"As a company whose mission is to seamlessly enable payments for our merchants at any point-of-interaction, Payfone is a welcomed addition to our platform," said Tim Sherwin, co-founder and executive vice president, CardinalCommerce. "Payfone can be easily accessed by any of our merchants who already have an integration to our payment platform, Cardinal Centinel®. Once the initial set-up of Centinel is complete, adding Payfone is simple. Our merchants can be comforted that with Cardinal Centinel, they have immediate access to any and all new payment initiatives helping them realize the revenue potential of eCommerce and mobile commerce."
How It's Different
1 Touch Checkout is a patent-pending solution that creates a streamlined mobile commerce checkout process by securely authenticating transactions through bank and carrier networks. This revolutionary approach ties the shopper's identity to the mobile phone number, simplifying the checkout process while adding another layer of security to mobile shopping. Payfone's solution is:
- Merchant friendly: Retailers deploy Payfone's solution over their existing account structure -- no new code or payment mark required.
- Easy and secure for consumers: There is nothing for shoppers to download or install; after registering once through their mobile banking app, billing and shipping information is automatically linked to the mobile phone identity so purchases can be made in a few quick steps.
"Consumers have shown the market that they want to shop using their mobile devices, but the biggest hurdle to widespread adoption is a simpler checkout experience," said Nick Holland, senior analyst, Yankee Group. "Payfone 1 Touch Checkout offers a straightforward and secure solution that is much needed for remote mobile commerce to take off and realize its potential."
Payfone is currently growing its partner ecosystem and will launch a pilot program later this fall. Merchants, channel partners and financial institutions interested in participating or receiving a demo can inquire via email@example.com. Payfone will also be demonstrating 1 Touch Checkout at Finovate New York, Sept. 13 at 3:10 p.m. ET.
About Cardinal Commerce
CardinalCommerce has been a pioneer in the remote payments industry since 1999 and is a branded global leader in enabling authenticated payment transactions in the electronic commerce and remote commerce markets. CardinalCommerce is headquartered in Cleveland, Ohio and services a worldwide Customer base from facilities in the United States, Europe and Africa. For more information, visit www.cardinalcommerce.com.
Payfone is the leading mobile commerce company that links mobile identity with the payment process to help merchants provide an enhanced mobile commerce experience -- from check-in to check-out. By leveraging loyalty credentials and other forms of customer data, Payfone's unique technology helps merchants turn anonymous mobile users into loyal mobile customers. The company's investors include Fortune 500 financial institutions and wireless service providers such as American Express, Verizon Wireless and Rogers Communications. Payfone is based in New York City with development centers in San Jose, Calif. and Denver, Colo. For more information, visit www.payfone.com.
1 eMarketer, "US Mobile Commerce Forecast," January 2012. http://www.scribd.com/doc/79908424/eMarketer-US-Mobile-Commerce-Forecast-Capitalizing-on-Consumers-Urgent-Needs
2 Shop.org and Forrester Research, "The State of Retailing Online: Mobile Marketing," July 2, 2012. http://www.shop.org/soro