LAS VEGAS, NV and TOKYO--(Marketwire - May 31, 2011) - Technology development leaders JCM Global (TSE: 6418) (OSE: 6418) and Techfirm Inc. (JASDAQ: 3625) have signed a memorandum of understanding that will bring the two companies together to develop a pay-by-mobile phone solution for bill validators.
The MOU brings together JCM Global, the world's leading supplier of innovative automated transactions solutions for the banking, gaming and retail industries, and Techfirm, the leading solution developer for mobile phone applications based on contactless IC technology.
The companies will use their resources and experience to create a system whereby consumers will be able to use their mobile phones to pay for purchases at automated transaction centers that use bill validators to accept both currency and mobile e-money. The technology could be used in a wide range of JCM applications, from slot machines to kiosks to parking self-pay terminals.
Paying by mobile phone is common in many countries, such as Japan, where commuters frequently pay for train tickets using their mobile phones. The application uses contactless IC technology, commonly known as mobile e-money.
"This is an incredibly exciting field for JCM Global and Techfirm," said JCM Global President Aki Isoi. "Given the extensive research and announced plans from major developers, it is clear the mobile e-money technology market will grow rapidly as Android CS technology expands and becomes more available. Consumers use of mobile phones as digital wallets is spreading rapidly, and we have every reason to believe this trend will continue to grow globally."
Research suggests the timing is perfect for the arrangement. For example, research firm The Gartner Group recently announced that half of mobile phones will use Google's operating system for Android in 2011 to 2015. Additionally, "Gingerbread," the newest version of Google's Android, supports Near Field Communication (NFC), a technology to be used for wireless communication between various components, such as mobile phone and other devices. Further, Android has announced it will expand its support of NFC in the future.
Additionally, in a recent announcement, Visa Inc. Head of Product Development Jim McCarthy said his company sees a continuing acceleration in the shift from paper to digital payments, and that the company is exploring ways to create a secure digital wallet that could be used for every type of payment, and expects to release a solution this fall.
JCM Global is the world's leading supplier of innovative automated transactions solutions for the banking, gaming and retail industries. Its award-winning products set global standards with ground-breaking products like the iVIZION®, Universal Bill Acceptor (UBA®) and Vega-RC™ bill validators and the Intelligent Cash Box (ICB®). For information visit www.jcmglobal.com.
Techfirm is a leading solution developer for mobile phone applications based on contactless IC technology. The system developed by Techfirm is used for various applications such as major convenience stores' e-money and coupons for famous fast food chains. The Felica Networks exploit the Felica protocol in the deployment of leading edge IC technology for mobile payments. For information visit http://www.techfirm.co.jp.