MoBeePay is a new mobile payment company and is (almost) out with an iPhone client that brings e-transactions to the street. Here’s how it works (from the press release):
Sellers register their products with MoBeePay and receive MoBeeTags (data matricies) and/or MoBeeCodes (product codes) from MoBeePay, which are stored in the MoBeeHive (cloud). Buyers merely point their iPhone camera at the MoBeeTag in a magazine, on a billboard, or any print ad. Once the MoBeeTag is captured by the app the data is securely sent to the MoBeeHive. The MoBeeTag is compared, verified, and then the purchase is completed instantly if the user has signed in to their MoBeePay account.
If a user has not signed-in they will be prompted to either sign in or sign up for an account directly in the MoBeePay app. The seller is notified of a successful purchase and the merchandise is shipped directly to the consumer from the manufacturer or retailer to the address on file, or in the physical world, handed to the buyer.
If you’re unable to capture an accurate image, you can use a MoBeeCode instead. This MoBeeCode or MoBeeTag can also be sent via SMS or MMS to the MoBeeHive if the user doesn’t have a compatible phone.
Finally, MoBeePay said it will develop its own accessory (like Square or VeriFone’s PAYware) that will be called MoBeeSwipe and will allow merchants (MoBeeMerchants) to accept credit and debit cards everywhere. Likewise, I’m assuming mobile application for other platforms is in works, too.
The mobile payment market is heating up, but at the end – we’ll most certainly have only few winners. Do you MoBeeCare to predict which company will be on that list? 😉