It’s interesting to note that they they are leaving the actual banking functions and distribution to third party services. merchants contract with a payment service provider that provides the app. Then, a merchant would download and activate the app to be able to receive payments.
The chicken and egg problem is familiar story for many payment solutions, but Accumulate has already gotten some ecosystem traction by being selected to support all Swedish mobile operators’ mobile wallet services using their technology last January.
How it works:
- Start the application
- Enter amount and ask the customer for the one-time code that is shown in his mobile
- Enter the code and press enter
- The purchase is shown in the customer’s mobile, approve with OK (or OK + PIN if higher amount)
- Done, the transaction is stored in the buyer and the merchant’s app