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New payment product makes clone of cards for phones

August 7, 2012

A recently launched mobile credit card payment system could change the way that many pay for everyday items in the years to come.

A recently launched mobile credit card payment system could change the way that many pay for everyday items in the years to come.

The iCache Geode Mobile Wallet processes payments by creating a cloned version of customers’ credit cards that will be able to be used in place of traditional methods. Tech Crunch writer Jay Donovan recently tested out the product at several different locations and reported that it was usable at places that were equipped with the right technology.

“I really like the Geode and would continue to use it myself, but I’m not sure I would leave all my credit cards at home just yet,” Donovan writes. “It’s not a 100% bullet proof solution for payments in my estimation. I mean, regular credit cards get declined from time to time too.”

The issues was likely discussed at the annual Midwest Acquirers Association conference in Chicago, where more than 650 people were in attendance. Learning about the latest advances in the merchant services sector is one way that ISOs can stay ahead of the game.

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