PAYMEDIA implementation in China
VeriFone Systems has entered an agreement with telecommunications company China Mobile and financial institution Bank of China to deploy VeriFone’s managed services solutions for NFC payment and mobile marketing in Shen Yang, China.
This represents the first implementation of VeriFone’s PAYMEDIA Mobile Marketing Platform (MMP), a solution that enables merchants, brands and third parties to launch highly targeted campaigns to mobile wallet subscribers. A key element in the NFC implementation is VeriFone’s PAYMEDIA Universal Acceptance Platform (UAP), which provides the Shen Yang alliance with a solution for control over NFC mobile commerce acceptance. As an open standard, the UAP allows for mobile commerce over any enabled acceptance network.
Another alliance member, Shen Yang Badatong E-Commerce, is equipping thousands of merchant locations with VeriFone NFC acceptance systems to enable payment and redemption via NFC at the point of sale.
PAYMEDIA UAP enables Mobile Network Operators (MNOs) and wallet providers to download wallet acceptance applications directly to merchants’ point of sale systems and allows merchants to connect these apps to providers via VeriFone’s cloud-based gateway. PAYMEDIA MMP complements mobile wallet acceptance by driving consumers to merchants with offers, promotions and digital coupons that can be used as they complete their transactions.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
