This post is part of our live coverage of FinovateSpring 2014.
First to take the stage this session, MShift showed how AnyWhereMobile can bring debit card revenue to financial institutions while reducing interchange expenses for merchants:
“AnyWhereMobile is a mobile payment network that will reverse the trend of Durbin and stabilize debit card margins for issuers while reducing interchange for merchants by 50%. AnyWhereMobile issuers will benefit from increased transaction volume, as merchants will be incentivized to steer a consumer’s tender choice to AnyWhereMobile.Our innovation creates a win-win-win for financial institutions, merchants, and consumers by fundamentally reducing the cost of a payment and passing the savings on to all three parties. AnyWhereMobile payments are authorized and secured at the point of sale in real time and have no dependency on any static card numbers.”
Presenting: Jeff Chen (VP Business Development) and Alan Finke (VP Engineering & Development)
Product Launch: August 2014
Product distribution strategy: Direct to Business (B2B), through financial institutions, licensed