First Data and Tyfone has announced an agreement to provide SideTap micro secure digital (MicroSD) memory cards equipped with Tyfone’s patented technologies that will transform most mobile phones with a memory slot into a mobile contactless payment device. The card can contain financial information and secure identification from multiple sources, such as specific retailers or financial institutions in both open loop and closed loop scenarios.
Through this agreement, First Data will provide merchants and financial institutions with Tyfone’s patented SideTap secure memory card and u4ia mobility platform for OTA life cycle management. The SideTap card can retain memory card functions, so consumers can continue to utilize the card as they normally would, to store photos, videos, music, documents, or other files. An embedded SmartMX security chip from NXP Semiconductors is safeguarding all transactions operated on the MicroSD card.
“The move to contactless payments is gaining traction and First Data continues to play a pivotal role in the development of this evolving technology. Consumers have a strong preference for such technology and merchants are using contactless payments to reduce waiting times, increase customer loyalty, and boost sales,” said Dom Morea, First Data division manager of Mobile Commerce Solutions. “First Data chose Tyfone’s SideTap Memory Card because it best serves the needs of consumers who want to use contactless payment options with over the air access but still want to retain the memory card functionality of their MicroSD card. We are excited to partner with Tyfone and bring this technology to consumers in the second half of 2010.”
[via engadget]
