Zoosh is a new technology that could give mobile payment capabilities to almost any phone, without the need of extra hardware, but its success is dependent on achieving a critical mass of users and supporting retailers.
"When we look at the current technologies out there, they have fallen short in trying to provide this device-to-device technology," said Brett Paulson, Naratte's chief executive.
NFC, which lets devices communicate wirelessly over short distances, is the emerging standard in the turbulent mobile payment space, but only a handful of phones currently support it.
Zoosh is positioning itself as an inexpensive stopgap, though if it establishes itself in the market, it could hang on as an option in low-cost handsets even after NFC becomes widespread.
Zoosh, like NFC, could also simplify direct phone-to-phone communications like sharing contact data. It could even set up pairings with compatible Bluetooth devices.
The company isn't the only e-wallet alternative, though. Mobile payment startup Square has a wireless payment system that works with iPhones using an inexpensive dongle that plugs into the headphone jack. And Starbucks has serviced millions of customers with its Starbucks Card Mobile app, which interacts with point-of-sale terminals via barcodes flashed onto the phone's screen.
However, NFC remains the go-to technology. It will be used in Isis, a joint project of AT&T, Verizon, T-Mobile, Visa and MasterCard. Google is also using the technology in its phones as it conducts trials with MasterCard and Citigroup.
In addition, Samsung and Visa will test NFC payments at London's Olympic Games next year.
Whatever technology emerges as the standard, it will see mobile platform owners, carriers and traditional payment companies trying to monetize both the actual transactions and the valuable marketing data that will be harvested, as people helpfully build their consumer profiles by paying with their handsets.
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