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Mobile payment company gets funding

November 15, 2011

Companies producing mobile payment systems have been sprouting up all over the world, with some of the most ambitious entrepreneurs in the technology sector establishing firms to take advantage of its popularity.

Companies producing mobile payment systems have been sprouting up all over the world, with some of the most ambitious entrepreneurs in the technology sector establishing firms to take advantage of its popularity.

One merchant services company to take center stage is SalesVu, which announced that it had completed a $600,000 round of angel funding. The product includes a dongle that can be attached to an iPhone or iPad and a mobile application. TechCrunch reports that one of the product’s advantages over competitors such as Square is the fact that the dongle offers hardware data encryption.

Francisco Leon, one of the firm’s investors, touted the prospects for the company, saying that stores could adopt it in an relatively seamless fashion.

“SalesVu’s product also addresses the real needs of today’s workforce – mobility, reporting, scalability and security – making SalesVu a compelling alternative for businesses investing in mobile payment solutions,” Leon said in a release.

Not to be outdone, Square, which was started by Twitter co-founder Jack Dorsey, announced that it had an investment of more than a million dollars from billionaire Richard Branson.

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