VUWI leads to more secure, most accessible cash-less and card-less transaction available today
For more information contact
Gene King, Director Media Relations
ORLANDO, Fla. (Nov. 26, 2010) â€“ The dawn of revolutionary mobile payment applications is here thanks to vending-industry veteran Coin Free. With its Virtually Universal Wireless Interface (VUWI) technology and consumer-friendly patented application, Coin Free has introduced VUWI Vantage Point to the mobile wallet landscape.
Cell-phone purchases have already occurred in Europe, Asia, and even north of the border in some aspects. In the United States, the industry has seen other avenues such as Near Field Communications struggle to gain wide-spread acceptance. With VUWI Vantage Point, mobile transactions in the United States are now possible for more people across more environments more securely than ever before.
â€œThis is the break through technology the industry, consumers and mobile carriers have been looking for,â€ said Rick Krampe, president of Coin Free, the company that has patented the technology. â€œThe VUWI payment system represents one of those few instances where all parties involved can benefit.â€
Why upgrade when you can VUWI For less than $100, venders, retailers, restaurateurs, hoteliers, and more can equip their payment system with the VUWI and for a minimal monthly charge provide a service to consumers like no other on the market today. This eliminates the need to spend up to four-times more on outdated technology.
Itâ€™s just as easy for consumers. A consumer simply accesses Vantage Point via a free easy-to-download applet. A few simple key strokes on their cellular phone key pad and the application connects the mobile device to the vending machine equipped with VUWI device. This request of a monetary transaction is then sent through a trusted and secure gateway server that provides the secure link to the banking partner. The bank sends its approval through the same secure server. The phone then confirms the receipt and communicates back to the retailer.
Simple and Secure VUWI Vantage Point works with both Bluetooth and Wi-Fi communication methodologies to connect to the consumerâ€™s cellular telephone using public key encryption techniques for sensitive data transfers. The VUWI does not store any significant consumer information on the consumerâ€™s cellular device. Once Coin Freeâ€™s secure server associates a credit or debit card with a device that information is only stored with the secure Coin Free gateway servers. In addition, Coin Free applies a rigorous set of risk analysis protocols before allowing any transaction to take place. The only operational options contained in the applet are Setup, Delete, and View Receipts.
Major markets with an abundance of vending machines like college campuses, hospitals, large office buildings, in addition to traditional retail outlets are prime candidates for this technology. Also, restaurants finally have the secure pay-at-table solution they have been looking for. VUWI helps all of these businesses decrease operating costs, increase revenues, decrease opportunity for fraud and gain access to more point-of-purchase (POP) decisions.
â€œItâ€™s time to ditch the card and VUWI instead,â€ Krampe said. â€œTodayâ€™s consumers will make the transition to actually phone-based purchases easily. What a debit card is to previous generation, the cell phone can be to existing and future generations of consumers.â€