Shazam Launches Mobile Pay By iPhone
DES MOINES, Iowa – Shazam network has introduced a mobile payments platform, which allows merchants to accept mobile PIN- and signature-based transactions using an iPhone.
The Pentagon solution is capable of accepting and processing signature-based credit and debit transactions in addition to PIN debit, and is a first in the industry to promote a mobile device capable of processing both types of transactions securely.
To further strengthen security, Pentagon uses 3DES to encrypt the magnetic stripe right at the read head. The transaction produces a Regulation E-compliant receipt that is delivered to consumers via SMS text message. Unlike some other mobile payment providers in this space that disintermediate existing relationships, Pentagon is “an open platform” specifically designed to be accessible to all merchant acquirer processors, allowing financial institutions to use the product without changing processors and to customize it to “make it their own.”
Shazam will make the technology available to its 1,500 financial institutions, including 500 credit unions, and its merchant customer base.