Near Field Communications Handsets and Tags, NFC Pilots and Projects

Tyfone plans to push mobile payment solution with new funding

Tuesday, September 7, 2010

Tyfone, creator of the SideTap MicroSD mobile payment solution, has landed $5 million in Series B funding from several investors, including HDFC Holdings, Polaris Software Lab and Ojas Venture Partners, according to telecomtiger.com.

Tyfone says it intends to use the funding to expand its SideTap MicroSD memory card solution, which allows customers to make NFC-enabled contactless transactions using their smart phones wherever MasterCard’s PayPass system is offered.


“Now that our core technology has been developed, patented and is in production, this new funding allows Tyfone the ability to bring our solutions to new markets and build a broader ecosystem,” commented Tom Spitzer, CEO of Tyfone.

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Superdrug, one of Britain’s largest beauty and health retailers, has introduced contactless payment for its in-store customers, according to Retail Gazette.

Created by Streamline and Visa Europe, the contactless system will enable customers to make payments of up to £15 (approx. USD $23) by simply waving their contactless bank card at the more than 50 participating Superdrug stores in London and Liverpool.

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Tyfone has announced the launch of iCashe, a new mobile wallet and eCommerce engine that blends mobile banking features with consumer purchasing, gifting and loyalty programs.

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OnPoint Community Credit Union, an Oregon-based institution, has announced the launch of Tyfone’s iCashé Mobile Wallet program.

The new service enables OnPoint’s 226,000 members to buy gift cards over a mobile phone and send them to others via SMS or email. Gift card recipients can use their cards in-store or online via their smart phone or with a printed copy of the confirmation email.

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Mobile payment solution provider I Love Velvet announced that it has reached the second level of EMV certification (EMV2) which authorizes PIN and integrated chip payments from debit, credit and smart cards around the world.

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