SOURCE: 1OAK Technologies

1OAK Technologies

January 07, 2014 09:00 ET

Announcing Sequoia -- A Mobile Payments Solution That Sets a New Industry Standard for Convenience, Simplicity and Affordability for Consumers and Retailers

1OAK Technologies' Sequoia Securely Works With Any Smartphone and Any Retail Payment System, and Is Ready for Business in Minutes

FORT COLLINS, CO--(Marketwired - Jan 7, 2014) - 1OAK Technologies, a leading provider of high-performance, mobile consumer electronics design and engineering solutions, today announced the release of Sequoia, a transformative mobile payments product that allows retailers to securely and immediately accept mobile payments with existing point-of-sale (POS) machines without changes to network infrastructure or back-end payment processing systems. Sequoia dramatically increases mobile payment convenience for consumers, enabling them to make electronic payments through a simple Sequoia application on any smartphone, without requiring the consumer to carry additional hardware or gear. Sequoia, with four patents pending, was designed by engineers with credentials from Symantec, Motorola, Samsung, Microsoft, and Hewlett Packard, to leverage the latest technology for the mobile payment process. 1OAK Technologies will introduce Sequoia to retailers at the National Retailers Federation's Big Show, Jan.12 - 15, 2014 in New York City.

"There are more than ten million point-of-sale systems in use in the United States alone, most of which cannot communicate with today's smartphones," said Gary Rayner, Chief Innovation Officer, 1OAK Technologies. "Consumers and retailers need a solution that can make ubiquitous mobile payments a reality for all smartphone users today. Solutions must be convenient and affordable; retailers can't be required to overhaul payment systems, and consumers don't want to use additional gear to make payments with credit, debit and loyalty cards. Sequoia makes payments secure, convenient, easy, and affordable for retailers and consumers."

"Only two percent, or $150 billion in payments of the nearly $5 trillion processed in 2013, were processed via mobile payment devices. That means just a small fraction of payments in 2013 leveraged mobile payment systems, and the industry is ripe for innovation," said Steve Elefant, mobile industry veteran with executive careers at Google, Heartland Payment Systems and ICVerify Inc. "Sequoia's unique technical approach, featuring a fourth radio, makes the mobile payments process easier, less expensive and more convenient for merchants and consumers and will support faster adoption."

Sequoia for Retailers
1OAK Technologies' Sequoia offers a bridge between the merchant's point of sale system and any smartphone. Sequoia combines simplicity, security and an attractive price point for this next-generation mobile payments solution for retailers.

  • Simplicity
    Sequoia installs in minutes. Retailers simply peel and stick Sequoia to existing credit card readers on point of sale systems, through which the unit receives encrypted credit card information from customers' smartphones. The credit card data is relayed through Sequoia just like with a standard credit card. No changes are required with existing systems.

  • Security and Compliance
    Sequoia supports advanced security protocols. Sequoia's method for transmitting encrypted information from the mobile phone to the Sequoia bridge device is currently patent-pending with the U.S. Federal Government.

  • Attractive Price Point that Eliminates the Limitations of Mobile Payment Systems
    Sequoia is very cost-effective, beginning with a one-time installation process with low-cost hardware that eliminates the need for change in existing payment systems, special training, or additional expense. There are no additional fees or licensing agreements associated with Sequoia. Sequoia sets a new standard for ease of installation and use, and offers the lowest price point for ubiquitous mobile payments by ensuring that no changes to the retailer's payment system are required.

Sequoia for Consumers
1OAK Technologies' Sequoia combines convenience and security to create an attractive mobile payments option for consumers.

  • Convenience
    The Sequoia application works on any smartphone platform, including iPhone, Android, Windows phone, and BlackBerry. Consumers simply enter their credit card, loyalty, or debit card data, and the mobile payments system is ready to use. To make a purchase, consumers simply open the Sequoia application on their phone, select the payment card they wish to use, and touch "pay" on their phone. Sequoia receives an encrypted signal with the information from the phone, translates it, and transmits it wirelessly to the credit card reader. Sequoia does not require the consumer to carry any additional hardware to use the application, and it does not rely on technology such as Bluetooth or NFC or an accessory case.

  • Security
    With Sequoia, all security risks associated with swiping the card are eliminated. Credit card data is securely encrypted and sent wirelessly. And, because the credit card itself is not used, consumers no longer need to be concerned about losing a card. All data is securely encrypted and stored in a password-protected application.

Availability and Pricing
Sequoia is available immediately to resellers and OEMs. Pricing information is available to distributors, resellers and OEMs on request by contacting 1OAK Technologies at info@1OAKTechnologies.com.

About 1OAK Technologies
1OAK Technologies is an innovative product development company that designs and engineers consumer electronics, and is focused on transforming the mobile power, signal strength, and sensory experiences from good to great. 1OAK Technologies developed iON Intelligence, which is a smart energy management platform for mobile devices. iON Intelligence is the industry's best portable power platform and is currently used in OtterBox power products. 1OAK Technologies is a privately-held company and is headquartered in Fort Collins, Colorado. For more information, please visit: www.1oaktechnologies.com and follow us on Twitter: @1OAKTechnology.

1OAK Technologies is a trademark or registered trademark of 1OAK Technologies. Other trade names used in this document are or may be the property of their respective owners.

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