Card Distributor InComm Teams with CorFire to Offer Mobile Wallets

InComm and CorFire plan to begin offering retailer-specific mobile wallets by the end of 2011. The companies say they plan to offer loyalty, promotional, and payments products on the wallet. The wallet would be branded by specific retailers, which could distinguish them from more general mobile wallets, depending on the strength of the retailer’s brand.

The unique core of the joint offering is made possible by combining InComm’s direct point of sale (POS) integration with over 225,000 retail doors and CorFire’s long history with mobile commerce platforms in Korea where they currently enable 30 million transactions per day. This foundation enables a transformational approach to mobile commerce where promotions and payments can be securely linked to a consumer and individually processed. When combined with loyalty and gifting, merchants will have a fully functional application that simplifies the consumer’s life. InComm and CorFire will target Phase 1 roll out in Q4 of this year.

The mobile wallet is designed to allow individualized target offers, which could provide an added value to consumers, but they will need to compete for space on mobile phones and offer enough value to convince shoppers to download and use what is essentially a closed-loop mobile wallet.

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