YESpay Mobile Wallet – Free Consumer Mobile and Web Wallet Service

London-based YESpay International, a payment gateway in the United States and Europe, has launched a free consumer mobile and Web wallet service, the YESpay-Wallet. The service will support retail couponing, loyalty and location-based mobile advertising and marketing. YESpay said the solution will also support near field communication (NFC) services as they become more widely available in smartphones.

Dr. Chandra Patni, CEO of YESpay International Limited, said, “YESpay-Wallet supports storage of personal Visa and MasterCard in the ‘My Wallet’ function which can be used to make payments at Web, mobile and physical stores of YESpay merchants.”

[advt]When used for in-store purchases, the YESpay-Wallet creates a barcode image displayed on the customer’s smartphone. The barcode contains data read by YESpay scanners that is forwarded to the merchant’s credit card processor via YESpay’s data center, ensuring the data is kept secure.

YESpay acknowledged that one drawback of this barcode method is that purchases are treated as a card-not-present transaction and charged at a higher rate by processors and card brands. For that reason, YESpay said the method is ideal for handling gift cards where no such fees are required.

For online or mobile purchases, consumers log in to the mobile wallet, select the appropriate linked credit card and then confirm the payment without providing the actual card data to the merchant.

Consumers can create YESpay-wallets through participating merchants’ websites, at YESpay’s own website, or through smartphone applications. YESpay said applications for BlackBerry, iPhone and Android smartphones will be available soon.

As a part of its efforts to introduce the YESpay-Wallet, the company said it is encouraging its partners to promote YESpay-Wallet as part of a bigger plan to introduce e-coupons, promotions and gift card services. The company has released its YESpay-Wallet web-services APIs for any partner to integrate web and mobile wallet functionality.

Additionally, YESpay’s Store Manager Web-services API lets its merchants control set-up and distribution of e-coupons, promotions and location-based-services to users of the YESpay-Wallet.

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