by Mika Aho - January 19, 2012 -
Leave a Comment
Sweden-based mobile payment and security provider Accumulate has been selected as the supplier of a mobile wallet service to 4T, a new payment solutions consortium created by Sweden’s four mobile network operators.
Taking advantage of NFC when available, the mobile payment service promises to be an alternative to cash and card payments in all payment situations, including point-of-sale, online, person-to-person and man-to-machine. According to Stefan Hultberg, CEO of Accumulate, the deal is a major breakthrough for mobile payments and an important milestone for the company.
Read more »
by Ville Vesterinen - February 10, 2010 -
Leave a Comment
Swedish university students are to begin using a near field communication payments system (NFC) developed by payments processor Payex and secure mobile solutions specialist Accumulate.
For this, PayEx along with existing investors have invested US$2m of venture capital in Accumulate. The money will be used to further develop Accumulate's mobile payments and mobile security business.
20,000 students are expected to be enrolled on the system by the end of this year, with a total of 100,000 students at a number of universities going live over the next six months, beginning with Uppsala University and Linköping University.
Read more »
by Miikka Kukkosuo - July 29, 2009 -
2 comments
Deal Cash With Your Mobile
The Swedish mobile payment and security solution provider Accumulate has announced expanding their technology further into physical point-of-sale (POS) payments with mobile. Accumulate is partnering with PayEx, a Swedish-based payment system provider, to allow retail customers pay their purchases with mobile instead of cash.
The service is piloted in Sweden on the island of Gotland in selected stores. The claimed benefits are reduction in cash handling and increased security. It is also said to be fast and cost-effective to the end customers, and even very small amounts can be paid without incurring high transaction costs for the retailer.
Accumulate delivers the patent-pending mobile technology, while PayEx is responsible for the overall infrastructure. A mobile payment terminal is needed in the retailer's premises, and a client software in the end customer's mobile handset.
Users must first register an account with PayEx that is connected to a bank account or credit card, and naturally install the client to their phone as well. Also RFID technology can be used for the payment, through either NFC enabled phone model or some other RFID enabled card is needed (e.g., a Swedish public transportation card).
User flow for buying a cup of coffee:
1) the buyer starts the PayEx client on the handset
2) the retailer enters the sum to the payment terminal and the buyer sweeps the handsets near the terminal
4) the transaction is shown on the customer's handset, and can be accepted by pressing OK (or the amount changed) and entering their personal code. Also credit can be used for part or whole of the purchase.
In addition to POS use, the solution can also be used to transfer money person-to-person, person-to-machine, and also in online shopping.
Offers increased security, as in order to execute a purchase, the mobile phone must be switched on, the program in the mobile phone started, and purchase approved with a pin code. However, combined with the need of creating an account beforehand and installing the software, this also creates quite a big challenges for getting the solution out there.
The Swedish mobile payment and security solution provider
Accumulate has
announced (in Swedish) expanding their technology further into physical point-of-sale (POS) payments with mobile. Accumulate is partnering with
PayEx, a Swedish-based payment system provider, to allow retail customers pay their purchases with mobile phones.
Read more »
