Intuit demos mobile payment tech

Intuit demos mobile payment tech

30 JAN 2013

Payments vendor Intuit has shown off a number of new technologies which it might launch in the future, including NFC and Apple’s Passbook, according to Techcrunch.

The company has also launched an extension to GoPayment, its service which enables small businesses to process payments by adding a card reader to a smartphone or tablet. The new feature enables users to scan credit and debit cards with the camera on their mobile device.

Intuit, whose background is in payrolls and accounting software, showed off “over 20 new products” in total, some of which it will definitely launch and others which it classified as experimental.

Both NFC and Passbook are viewed by the company as being in the latter category. Smith said it was looking at NFC but is still working out how strong user interest is for the technology: “I can’t say it’s inevitable but it’s one potential scenario,” he said.

Intuit could use Apple’s Passbook, which is a wallet app for holding users’ passes, season tickets and loyalty cards, to target discounts at potential customers based on their location.

CEO Brad Smith argued the market for card readers such as GoPayment, is not “a zero sum game”, noting that 55 percent of businesses in the US still do not accept credit cards.

Verifone, a major provider of payments technology, recently stopped offering its card reader to small businesses, citing low margins, which has led to talk of a saturated market.

Intuit, whose card reader is sold by Verizon Wireless and AT&T, says its product is different from rivals because it can be integrated with the wider financial system, such as banks and accounting packages.


Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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