SRM Technologies Announces SRM Mobile Wallet
SRM Technologies has announced SRM Mobile Wallet, calling it "an advanced mobile payments software application." SRM says its Mobile Wallet enables users of cell phones or other mobile devices to pay for goods and services using the contactless payment systems already in place at over 45,000 U.S. merchants.
Utilizing NFC (Near Field Communication) enabled mobile devices, SRM Mobile Wallet electronically stores credit, debit and/or gift card credentials on the phone, and securely transmits the card details to the NFC contactless reader. SRM Mobile Wallet brings new functionality to SRM Mobile(TM), the company's mobile banking platform, and helps to secure SRM Technologies' leadership position in delivering innovative solutions to banks.
"There is a growing debate among banks in the United States concerning the business case for mobile banking," said Scott West, Vice President of Sales for SRM Technologies' Banking Solutions division. "While we believe mobile banking adoption will increase significantly over the next few years, we also see an opportunity to help banks justify the expense of mobile banking. SRM Mobile Wallet gives banks the opportunity to generate new revenues and fees through the issuing of mobile credit."
In addition to the opportunity for banks to generate new revenues and fees, SRM Mobile Wallet also creates the potential for banks to align themselves more closely with local and national retailers. Using the SRM Mobile Wallet software, retailers can coordinate their gift card program with the bank, providing the opportunity for enhanced gift card services in conjunction with the bank's credit or debit card customer base.
SRM Technologies expects the mobile payments market to grow dramatically over the next several years. "According to reports by industry analysts, the market opportunity for mobile payments could reach over $10 billion in the next few years," stated Suresh V. Chari, CEO of SRM Technologies. "With the increase of NFC-enabled phones expected to grow to over 450,000 handsets during the same time period, we decided to invest in the development of SRM Mobile Wallet. SRM Technologies has been an innovator in mobile development for several years. This effort continues to demonstrate our leadership position in developing mobile applications."
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