ThirdFactor | BioPay extends new products towards consumers without banks

Thursday, December 4, 2008

BioPay Paycheck Secure, a developer of biometric solutions for identifying individuals during financial transactions, has announced that it is entering partnerships with the intention of reaching out to customers who prefer to carry out financial transactions in institutions like grocery stores rather than banks. Two new product offerings aimed at these consumers are walk-in bill pay and prepaid debit.

The prepaid debit is designed to enable participating stores to serve these customers without having to keep large sums of cash available. Instead the checks are cashed and placed into a debit card account for use either at ATMs or as a standard debit card. Additionally, BioPay is touting that the card allows for their customers to save their money without having to carry around a lot of cash.

So far the biometric Paycheck Secure system has conducted $23 billion worth of transaction.

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Analysis from Datamonitor shows sluggish adoption of contactless payment in the UK due to recession, while Barclaycard is arguing the opposite, according to internetretailing.net.

Gilles Ubaghs, financial analyst at Datamonitor, calls the situation a “catch 22.” Consumers aren’t interested in owning a contactless card if there’s nowhere to use it, and retailers don’t want to invest in contactless POS equipment if so few people are using the cards.

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American National Bank and Guaranty Bond Bank in Mt. Pleasant, Texas are now offering tap and go mobile payment to their customers and the community through Bling Nation.

Report: 'Sticky' mobile payment a 2010 reality

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The report,”Making Contactless Payments Sticky with Stickers,” identifies the key market drivers for contactless stickers and the issues that must be overcome to make them a real, viable solution in the hands of consumers.

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Fed helps mobile payment get on track

The Federal Reserve Banks of Atlanta and Boston have helped a number of leading telecom and e-payment companies reach a consensus on several issues dividing the mobile payments industry, according to Digital Transactions.

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BioPay extends new products towards consumers without banks