New mobile payment system is developed with high hopes to compete in the mobile wallet market
MoneyClip Mobile, which enables payment through a bar-code on your phone, has been introduced at the Aksarben Village in Omaha, Nebraska and several retailers have started to use the Wallet in their businesses, including the Juice Bar, Jones Bros., and Broadmoor apartments, with other interested retailers preparing to do the same.
The wallet is thought to make life easier for shoppers who don’t need to carry cash anymore or to worry about carrying a physical wallet, and MobileClip owners hope that despite the existence of other established products performing mobile payment functions, such as Google Wallet and Square, MoneyClip, can still be a success. Josh Cross, founder of MoneyClip, said that the competition merely indicates that there is certain scope and opportunity.
However, ACI Worldwide has realized, through surveys that there are inhibiting factors which challenge mobile payment growth including fraud, a lack of interest by consumers and a lack of integration with existing payment software, but in time, and with the evolution of mobile payment systems, surveys suugest that there is money to be made.
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The MoneyClip project has been partly backed by National Science Foundation and Nebraska Department of Economic Development grants. Developers include graduates of the Peter Kiewit Institute and the wallet has been in creation for the past three years.