ATLANTA & NEW YORK--(BUSINESS WIRE)--CorFire™, the mobile commerce business of SK C&C USA and the industry-leading mobile technology expert, and Payfone, a remote mobile commerce company, today announced plans to integrate CorFire’s mobile wallet application, CorPay™ with Payfone’s remote mobile commerce solution. This partnership will enable merchants to deliver fast and secure solutions without compromising security or the consumer experience.
Payfone authenticates through the bank and carrier networks, making it easy for merchants to implement an accelerated user registration process. Payfone doesn’t require changes to backend systems or new payment marks. Moreover, consumers do not have to download or install the application which, in turn, enables merchants to quickly and easily increase conversions and improve customer loyalty.
“By integrating Payfone’s technology with CorFire’s mobile offerings, we streamline mobile commerce for the retailer and provide a secure channel for consumers to fully leverage mobile,” said Jon Squire, CMO of CorFire. “The process eliminates lengthy account entry and ensures the legitimate end-user is in possession of the phone where the merchant m-commerce app is installed.”
The worldwide remote mobile digital payments market is forecasted to surpass $2.5 billion by 20141. However, some merchants struggle with low conversion rates due to consumer frustration with the process.
“Payfone and CorFire will remove key barriers to merchant m-commerce app adoption by eliminating the friction that most mobile shoppers experience while maintaining secure transactions,” said Matthew Tucker, chief operating officer at Payfone. “Eliminating the hassles surrounding mobile commerce is a significant step in driving adoption rates and acceptance.”
CorFire’s CorPay solution is a single, intelligent mobile wallet platform that essentially virtualizes current wallet functions so that consumers no longer have to carry a physical wallet—just their smart phone with the CorPay application installed and configured. CorPay allows consumers to use their mobile devices to pay for goods and services while on the go, in a clean, quick, intuitive, and convenient manner.
Payfone is the remote mobile commerce company that links mobile identity with the payment process to provide merchants with the easiest, most secure mCommerce checkout possible. Merchants and financial services institutions rely on Payfone to power and secure mobile payments for their customers. Payfone is based in New York City with development centers in San Jose, Calif. and Denver, Colo. For more information, visit www.payfone.com.
From retailers to handset manufacturers to financial institutions to mobile network operators, organizations today need a proven way to extend their brands and enable their customers to use smartphones as a channel for commerce. With its proven industry expertise, CorFire helps all organizations in the mobile ecosystem deliver on the promise of an environment where consumers can live life mobile. As the mobile commerce business of SK C&C USA, CorFire leverages the billion dollar financial backing of its parent company, SK C&C, with its 10+ years of mobile payments experience to provide a scalable and trusted technology that helps companies quickly and securely move their mobile commerce platforms forward.
Headquartered in Atlanta, with a second office in San Francisco, CorFire offers three core technology solutions: its Trusted Services Manager (TSM) platform - CorTSM™, a robust mobile wallet platform - CorPay™, and Cor360 - a state-of-the-art suite of mobile marketing services. For more information please visit www.corfire.com.
1 “Checkout the Mobile Payment Opportunity,” by Juniper Research, April 2010 http://www.juniperresearch.com/shop/products/whitepaper/pdf/JRL%20-%20MPD10%20-%20Whitepaper%20-%20sec.pdf