Logomotion, a mobile payment solution provider, introduced a mobile contactless payment system that can be added to existing handsets that have a microSD memory card slot.
Logomotion’s LGM Card provides a channel for banks to offer mobile contactless payment services to the mass market by unlocking the handsets with memory card slots currently being used by customers around the world.
At the Mobey Forum Member Meeting, participants saw demonstrations of contactless payments where the LGM Card was inserted into a range of phones, including those where the SD slots are in seemingly problematic locations, such as under the device’s battery or under a protective metal outer cover.
By adhering to standards for mobile contactless payments based on secure payment chips, LGM Card is capable of supporting all open payment schemes, such as MasterCard PayPass. This enables issuing banks to easily transfer their existing personalized card products to the mobile contactless environment and ensures mobile contactless payments made with LGM Card will be accepted at standard contactless point-of-sale terminals anywhere in the world.
LGM Card enables banks to deliver mobile contactless payments via an independent secure element, thus retaining control over their customer relationships and existing payment processes. New revenue opportunities for banks are also presented by the patent-pending two secure element architecture of LGM Card. The second secure element contains a virtual POS terminal which lets customers pay for mobile content and additional applications directly on the LGM Card in their phones and also to make micro payments to small merchants.
In addition to its mobile payment capabilities, LGM Card also provides users with all the benefits of microSD technology, including the expanded memory capacity which enables the customer to store contacts, songs, photos and other data.