PORTLAND, Ore. – OnPoint Community CU will be one of the first financial institutions to launch Tyfone’s new iCashe mobile wallet and e-commerce engine.
Tyfone said the new mobile wallet blends comprehensive mobile banking features with consumer purchasing, gifting and loyalty programs.
With the option of adding Tyfone's SideTap micro secure element technology, iCashe also provides contactless NFC payments and the highest level of secure identity management, the company said.
“Giving people the ability to make purchases through OnPoint’s mobile banking app is a logical technology evolution,” said Jim Armstrong, senior vice president of technology for the $3-billion credit union. “Once the retail NFC infrastructure is in place, our mobile banking members using Tyfone’s iCashe will likewise be ready to make contactless payments through our banking app.”
The first iCashe feature to debut is an e-commerce service available through a mobile banking application that allows people to purchase, send and redeem merchant gift cards from more than 100 different name brand merchants, including: Barnes & Noble, Fandango and Zappos.com. With iCashe, gift cards can be purchased and stored on a person’s mobile phone for personal use, or sent to anyone in the United States via e-mail or text message. iCashe requires a person to be logged on to a trusted mobile banking app, which Tyfone said makes purchasing highly efficient, secure and as easy as checking an account balance.
There is no requirement for credit unions or banks to use Tyfone Mobile Banking in order to offer iCashe to their members/customers. Any financial institution may offer it to members/customers using electronic and mobile banking convenient commerce services built on top of iCashe, and all financial institutions using iCashe will immediately enjoy a new revenue stream based on incremental transaction fees from iCashe purchases.
