There is no denying that as both mobile technology and the popularity of these devices has evolved and advanced, the concept of utilizing mobile devices to pay for goods and services represents the next generation. In addition, merchants who capitalize on the technology of proximity payments which employ card not present (CNP) and near-field communication (NFC) technology will have a distinct advantage over those who elect to stay with traditional methods of completing transactions.

mBeaconPay - The Future is Now

Netclearance has merged the latest in proximity payment technology and mobile payment capabilities to introduce mBeaconPay. This represents a complete proximity payment solution that incorporates the convenience of CNP with the highest levels of security available. The name of the device that makes this all possible is the Smart Beacon.

What are smart beacons?

The smart beacon essentially serves as a gateway linking the consumer, the mobile app, the point of sale, and the bank network. The smart beacon system boasts the following features:

• Card Not Present (CNP) transactions can be consummated physically (for example, in retail).
• Banks and retailers are able to operate in their isolated mobile payment network -- which is not dependent on credit or debit card networks and the different manufacturers of cellular devices.
• The system is secure because no credit or debit card data needs to be exchanged at the point of sale, which is how traditional retail setups operate.

Efficiency, with a personalized touch

 In addition to the aforementioned advances in technology offered by smart beacons, banks and retailers can intelligently offer personalized, tailored mobile payment options which include quick, efficient check-out times (when compared to EMV chips and pin-based transactions), independence from Google and Apple fees and customer data encroachment, and loyalty programs. Conversely, banks will benefit because of complete control of the transaction process, lower merchant fees which will result in an increased number of merchant accounts, and the ability to operate independently of Visa and MasterCard networks.

When taking into account all of the advantages offered by Netclearance's mBeaconPay system -- convenience, efficiency, and security to name just a few, -- it's easy to see that proximity payments and their accompanying mobile technology solutions are the wave of the future.

Please don't hesitate to reach out to us if you have any questions!