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BARCELONA, Spain, March 13, 2012 /PRNewswire/ -- Rodger Desai, co-founder and CEO of Payfone, a leading remote payment processing service, speaking at the 2012 Mobile World Congress last week in Barcelona, Spain, predicted that mobile commerce will surpass eCommerce in this decade.
Mr. Desai was part of a distinguished panel (Mobile Money: Delivering Innovative Mobile Payment Services) of executives from Visa, PayPal, Google and Gemalto. This panel focused on the latest innovations in mobile payments and how their respected organizations were driving product innovation to address these needs. This session also addressed the challenges for the ecosystem, as well as the critical success factors in delivering innovative services in the highly competitive mobile payments space.
Mr. Desai outlined Payfone's frictionless One Touch Checkout experience for retailers selling on mobile devices, a market that is growing 100 percent year over year. Payfone will drive mobile commerce growth by identifying and authenticating consumers through the mobile network and retrieving payment information so the consumer does not have to enter multiple sets of information every time they make a mobile purchase.
By authenticating the consumer via the mobile network operator, Payfone significantly reduces the potential for fraud, lowers friction, increases conversions and drives revenues for merchants and merchant acquirers, mobile network operators and issuers. "Payfone delivers innovative remote payment services to increase conversions and drive revenues for financial institutions, merchants and mobile operators," according to Mr. Desai.
Payfone is revolutionizing mCommerce by leveraging the mobile number to create One Touch Checkout. Payfone's unique ability to leverage the mobile operator network to directly authorize and process payments, drives higher sales conversion and revenue yield for merchants and mobile operators, while managing fraud and revenue leakage. Additional information is available at http://payfone.com. Payfone is backed by American Express, Blackberry Partners Fund, Opus Ventures, Rogers Communications, RRE Ventures, and Verizon Communications. Payfone is based in New York City with engineering and development offices in San Jose, CA.