SOURCE: Clip

Clip

May 28, 2013 06:00 ET

Clip Brings Mobile Payments Solution to Spanish-Speaking World by Turning Mobile Phones Into Card Terminals

SAN FRANCISCO, CA and MEXICO CITY--(Marketwired - May 28, 2013) - Clip, the mobile payments company for the Spanish-speaking world, announced today that it will empower businesses and individuals by turning mobile phones into card terminals. Starting in Mexico, it will follow to Spanish-speaking countries, including the United States Hispanic market.

The service is expected to become especially popular in Mexico where only 400,000 merchants out of a total 5.5 million, currently accept cards due to cumbersome paperwork, high fees and the need to develop multiple acquiring relationships in order to accept different payment methods.

Adolfo Babatz, Clip's co-founder & CEO, commented, "Today, a merchant in Mexico needs to go through more than 35 steps to get a POS (Point of Sale) terminal. Furthermore, if you are an individual, you simply won't get a terminal. Clip cuts that process into two simple steps. First, the merchant opens an account online in less than five minutes and receives a card reader by mail on completion. Second, he downloads our free app. The merchant is then ready to accept card-based payments."

The service includes an App and a fully proprietary encrypted card reader allowing any iPhone or Android device to become a POS terminal. The system also currently uses a patent-pending second factor authentication method via SMS to protect consumers & merchants in every transaction.

"I am thrilled to bring a secure and simple solution to a market that is ready for disruption. With the focus on exceptional customer experience and product development, we believe Clip will set the standard for POS acceptance in the Mexican market," said Babatz.

How Clip Works
Individuals and businesses can use Clip by inserting the reader into the headphone jack of an iOS or Android device, opening up the free Clip App, entering the amount to be charged and swiping the card on the reader. After the card is read, cardholders are asked for their cell phone number and receive a 4-digit SMS code that they enter on the merchant's Clip App. If the code matches, the customer signs and receives their receipt via SMS or email. To sign up for Clip, go to http://www.clip.mx.

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