How does a mobile payment system work? Instead of paying with cash, check, or credit cards, a consumer can use a mobile phone application (storing debit card, credit card, loyalty card or gift card) by simply tapping the phone on any Pay Pass-enabled terminal at checkout. In the case of MoCa Pay all card and other personal data is stored in the cloud and access is protected by a six digit PIN.
Jai Jang from MoCa Pay says, “the most convenient and intelligent payment service” is compatible with all products (devices) and credit cards and can be used online and offline. To process the payment the user has many options: barcode, Near Field Communication, QR code or Push Notification.
According to Jai Jang, this application “is better than Google Wallet,” a Google mobile payment application, released in the United States on September 2011. New Europe reports also, that the South Korean MoCa Pay is a finalist for the 2013 Innovator Award at Harvard University in the Best Technology Category.
The new payment system is already used in South Korea and this year it is expected to expand in Europe. In the United States, the Isis mobile payments alliance was formed in 2010 by AT&T, Verizon and T-Mobile, and only recently launched its mobile wallet service in a few U.S. cities.