Prazee and VocaLink compete for mobile payments with diverse offerings

Prazee, a mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, has launched its mobile card scanning technology to the public. Prazee utilizes the smartphone’s camera to collect front of card data and automatically fills in the information in an encrypted file, using image recognition to preserve the information without needing to store the card’s image. The integration is simple and quick (stated as integration in 15 minutes) and is very affordable with the first 50 scans free of charge and $0.15 USD afterwards.

This is quite different to VocaLink’s newest app, Zapp, which processes mobile payments as well, but also allows bank transfers and does not require the card to be present. The user can choose to scan a barcode, or utilize near field communication (NFC) to make payments without ever taking out their wallet.

This is sure to what many see as an escalating competition between payments on site with cards and smartphone technologies that don’t require the payer to have the card present. Many users still prefer to have payments with the card swiped, but in markets like Latin America or others where card penetration is much lower than smartphone ownership rates, alternatives like NFC technology are sure to give it a run for its money.