SRM Technologies announces ‘Mobile Wallet’

SRM Technologies has announced ‘SRM Mobile Wallet', an m-payments software application, and one of the winners of BAI Innovation Moments.

SRM Mobile Wallet enables users of mobile phones or other mobile devices to pay for goods and services using the contactless payment systems already in place at over 45,000 US merchants. Using NFC enabled mobile devices; the wallet electronically stores credit, debit and/or gift card credentials on the phone, and securely transmits the card details to the NFC contactless reader.

“There is a growing debate among banks in the United States concerning the business case for mobile banking,” says Scott West, VP, sales, SRM Technologies' banking solutions division. “While we believe mobile banking adoption will increase significantly over the next few years, we also see an opportunity to help banks justify the expense of mobile banking. SRM Mobile Wallet gives banks the opportunity to generate new revenues and fees through the issuing of mobile credit.”

In addition to the opportunity for banks to generate new revenues and fees, SRM's wallet also creates the potential for banks to align themselves more closely with local and national retailers. Using the software, retailers can coordinate their gift card program with the bank, providing the opportunity for enhanced gift card services in conjunction with the bank's credit or debit card customer base.

“According to reports by industry analysts, the market opportunity for mobile payments could reach over $10bn in the next few years,” states Suresh Chari, CEO, SRM Technologies. “With the increase of NFC-enabled phones expected to grow to over 450,000 handsets during the same time period, we decided to invest in the development of SRM Mobile Wallet. SRM Technologies has been an innovator in mobile development for several years.”