Finovate Debuts: mCASH

Finovate Debuts is a blog series to introduce companies who demonstrated for the first time on the Finovate stage.

mCASH seeks to make payments easier by enabling consumers to pay and get paid directly from their mobile device. By scanning a QR code on a screen or printed on paper, consumers can pay for goods or services at a physical point-of-sale (POS), in-app, or online. Additionally, they can make peer-to-peer payments by sending the funds to the recipient’s mobile phone number.

Stats

Founded in 2010
25 employees
$9.5 million in funding
360,000 merchants have POS terminals that support mCASH
Uses two-factor authentication

The experience

Consumers first need to set up their funding source(s), which can include credit and debit cards, direct bank transfer, or prepaid cards. For multiple funding sources, they can set a default option.

Consumers can use mCASH at a physical point of sale or online, by scanning a QR code.

>> At physical POS
mCASH recently partnered with payment terminal provider Point, which is owned by Verifone, to enable merchants to accept payment through mCASH at the physical POS. To pay, users simply open the mCASH app, scan the QR code that appears on the payment terminal, and accept the payment.

When a merchant does not have a POS terminal that supports QR codes, they use a printed QR code affixed near their register.

>> Peer-to-peer payments
To make peer-to-peer payments, users simply:

Select the amount they want to send
Pick the account to fund the transaction
Choose a recipient from their address book
Swipe to confirm the payment

The money is both debited and credited in real time.

>> Mobile merchants

mCASH recently debuted a web app specifically for mobile merchants. Unlike Square and iSettle, this solution does not require additional hardware. Instead, the customer uses their smartphone to scan the QR code on the screen of the merchant’s smartphone, tablet, or laptop.

After scanning the QR code, the consumer receives a payment request on their smartphone and swipes to pay and complete the transaction.

>> Printed ads
mCASH can also be used directly on printed advertisements, billboards, or TV ads to entice consumers to buy. When merchants include a QR code next to a product for sale, customers can scan it using the mCASH app to begin the checkout process. The app requests payment from the customer, who selects their preferred payment method, confirms the amount, and provides their pre-loaded shipping details.

Merchant benefits

Aside from being a platform that merchants can use to accept payments, mCASH also makes it easy for businesses to build loyalty, offers and rewards into the payment experience.

mCASH provides consumers a low friction way to pay while offering merchants an easy and inexpensive method of collecting payment. The two-factor authentication creates a secure payment environment that reduces the risk of fraud for both parties.

Businesses who wish to on-board with mCASH face few hurdles since there is no need to purchase additional hardware and the web-based payment platform works on every device with a browser. Additionally, mCASH chargers a lower transaction fee than solutions such as Square and iZettle.

Check out a video of mCASH’s live demo here.

Finovate Blog

Finovate Debuts: mCASH

Related