Vancouver start-up PayWith is a startup to watch. Their software enables consumers to pay for purchases with their cell phones – and offers merchants tools to track customer habits in order to build and reward loyal customers. The question is whether this can scale, or if it will turn out to be just a gimmick. Time will tell.
Here is an excerpt from a recent article on PayWith from the Vancouver Sun:
“If mobile payments are the Holy Grail of the Internet, Vancouver’s PayWith is well armed for the crusade.
But it’s software, not hardware, that the Vancouver start-up is bringing to the battle to win over merchants and consumers, so don’t expect to see any gadgets at the checkout.
Instead, PayWith has put all the changes into the customer’s smartphone with mCard, a mobile app for iPhones and Android smartphones that generates a one-time-use card number to pay the bill. Your credit or debit card details never show up as part of the transactions, protecting them against card hackers or other fraud artists.”