FEED: Smart Mobile Pay Solution with SMS
There has been a lot of fuss about new Mobile Payment solutions and many unsuccessful attempts to get a pie of normal payment solutions. Many have built solutions and applications that need special software to be installed on mobiles and some applications are just waiting for mobiles go internet.
I have been insisting that mobile solutions first must capitalize on the current infrastructure like SMS to make advances in to Mobile applications, in this case mobile Payments rather than targetting for 2 years down the line handsets and usage patterns.
Here is one solution that does exactly that. Simple Mobile Payment solution using SMS.
FEED by Feedtribes is a hot new mobile cash service currently being trialled in Boulder, CO, and in San Francisco.
FEED was initially developed to provide high school and college students with a cool way to pay their favorite retailers while keeping a handle on their finances. â€œFEED is a prepaid account that is linked to your cell phone. To make a purchase, simply text message your PIN number to the FEED 5-digit short code. A few seconds later you will receive a unique 4-digit numeric transaction code and your up-to-the-second account balance. Simply give the transaction code to the retailer who enters the code and the amount of sale into their POS terminal. The terminal authorizes the transaction against your account and returns an approval code to the POS, which prints a receipt. Itâ€™s that simple!â€
Source: FEED: The cool new way to pay? at New Ideas In Mobile