Logomotion, developer of the LGM Card payment device, said that it is helping banks to offer full mobile contactless payment capability through customers’ existing handsets, with the simple insertion of its secure near field communications (NFC) micro secure digital (microSD) memory card.
Logomotion’s LGM card, being launched at Mobey Forum’s third 2012 Member Meeting in Washington DC, provides a fast, simple and secure channel for banks to offer mobile contactless payment services to the mass market by unlocking the latent potential of billions of handsets with memory card slots used by customers around the world.
At the Mobey Forum member meeting, participants saw demonstrations of contactless payments where the LGM Card was inserted into a range of phones, including those where the SD slots are in seemingly problematic locations, such as under the device’s battery or under a protective metal outer cover.
“From the beginning, we knew that for mobile payments, consumers trust banks the most. Also, banks want a fast and secure solution for payment with mobile phones,” said Dave Riffelmacher, chief executive officer (CEO), Logomotion.
“With LGM Card, banks can drive adoption and regular mobile payment use in the mass market. LGM Card removes the technical and business barriers that have prevented banks from turning this opportunity into a commercial reality. With LGM Card, any customer with a phone armed with a microSD card slot can perform mobile contactless payments. It really is that simple.”
By adhering to all recognised standards for mobile contactless payments based on secure payment chips, LGM Card is capable of supporting all open payment schemes, such as MasterCard PayPass. This enables issuing banks to easily transfer their existing personalised card products to the mobile contactless environment and ensures mobile contactless payments made with LGM Card will be accepted at standard contactless point-of-sale (POS) terminals anywhere in the world.
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