|New mobile wallet platform launched in St. Louis|
On the eve of the Missouri Restaurant Association Inaugural Ball, FreedomPay introduced VIBE, a new mobile platform designed to accept mobile payments, send promotions to mobile phones, and provide customer loyalty, in a single app.
"St. Louis is the perfect city to launch VIBE. It is a tight community with strong loyalty and a growing techno-savvy population. We are bringing VIBE to St. Louis with leading merchants including Companion Bread, Chandler Hill Winery, and a broad array of merchants coming on board," says Tom Durovsik, CEO of FreedomPay.
VIBE offers merchants three reasons to get on board:
• A cloud-based application that offers merchants direct access to consumers' mobile phones.
• Integration with existing merchant systems, with absolutely no new hardware or new steps for employees.
• Centralization of all gateway processing and security solutions with a single provider while simplifying costly PCI DSS compliance.
VIBE says merchants have the opportunity to service the in-store mobile payments and incentives consumer segment, which is projected to grow 137% annually over the next five years, according to Forrester Research.
With VIBE, merchants can offer laser targeted-incentives with alerts based on an array of factors including: favorites; GPS location; weather; time of day; and more. VIBE merchants can launch promotions instantly and track success in real-time, fueling offers that are successful, and ending or tweaking those that are not.
It also creates a way to offer short-lived promotions when business is slow. For example, restaurants with open tables at 5 p.m. can offer incentives to those within a five-mile radius, ending once the tables are full.
[This article was posted on February 4, 2013, on the website of ABA Banking Journal, www.ababj.com.]
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