World's first service to securely process both debit and credit card transactions anywhere using standard mobile devices connected to card readers
MONTREAL, Aug. 21, 2013 /PRNewswire/ - HybridPayTech, a division of Freeport Capital Inc. CNSX:FAS) technology leader in the mobile payment space, today announced it has selected Vodafone's (NASD:VOD) global machine-to-machine (M2M) platform to provide connectivity for its pioneering mobile payment service.
The service allows businesses to equip mobile employees with smartphones or tablets that can securely process credit and debit card payments globally using Vodafone's network. This will allow businesses to fully embrace mobile payments for the first time while also introducing new revenue stream and improving the customer payment experience.
HybridPaytech provides the world's first completely secure, end-to-end mobile payment service that can process both credit and debit card transactions. It is currently the only company to implement adequate security measures to meet the strict criteria of the debit card firms. By allowing businesses to process credit and debit card transactions using standard smartphones and tablets, the market for mobile payments is expected to increase dramatically.
Vodafone will provide global M2M SIM cards, remote device management tools and highly secure, worldwide connectivity for the mobile payment devices.
Massimo Barone, Founder & Chair of HybridPaytech's Advisory Board, stated, "The ability to process credit and debit card payments anywhere in the world using a wide variety of standard mobile devices will drastically simplify how companies charge their customers. The fact that we can support both credit and debit cards means the mobile payment market can now really take off. By working with Vodafone we not only benefit from a highly secure, comprehensive global network - we also receive international SIM cards and management tools that make it easy to remotely monitor, repair and update the payment terminals."
Andrew Morawski, Head of M2M Americas, Vodafone, said, "M2M is rapidly transforming a wide variety of different industries -and a range of applications from connected cars to smart digital billboards. Companies like HybridPaytech are showing how the technology can also cut the cord on card payments for the first time. This won't just help mobile businesses - it will give peace of mind to customers who, for example, would rather pay for pizza at the door on a secure card machine rather than sharing details over the phone."
The fully PCI-DSS compliant service includes mobile applications for Apple, Android, Windows Phone and BlackBerry smartphones and tablets, which can support credit and debit payments through plug and play card-reading equipment. Alternatively, businesses can use standard mobile payment terminals. The encrypted transactions are sent from the mobile device over Vodafone's network to HybridPaytech's regional switch, which then authorises the payment through the debit or credit card provider.
Vodafone(NASD:VOD) is one of the world's largest mobile communications companies by revenue with approximately 409 million customers in its controlled and jointly controlled markets as of 30 June 2013. Vodafone currently has equity interests in 30 countries across five continents and around 50 partner networks worldwide. For more information, please visit: www.vodafone.com
A subsidiary of Freeport Capital Inc. (CNSX: FAS) based in Montreal, Canada, with satellite offices in the USA, Dominican Republic, Philippines and Hong Kong - HybridPaytech is a technology leader in the mobile payment space with its proprietary Hybrid Multi-OS App's allowing use with MSR and EMV Credit and Debit acceptance.
Visit www.hybridpaytech.com or click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States
SOURCE Freeport Capital Inc.