Ring Up Some MobiBucks & Go Shopping

A California company is now offering a free mobile payment solution called MobiBucks. With just a cell phone number and four-digit PIN, consumers can make secure everyday cashless transactions.

Unlike some of the other independent entries into this new market, MobiBucks is much more convenient. This mobile payment solution uses the mobile phone number to identify the person’s account and a static 4 digit PIN to secure each transaction. MobiBucks can be used with your existing phone, no special hardware or downloads needed plus the brick and mortar merchant can also keep their existing payment system.

This service is free, fast and easy to set up. No bank account or credit card is required!

The executives behind this company include Jorge Fernandes, founder and former CEO of ViVOtech, and Dave Barram, a Senior Silicon Valley Executive at Apple, Silicon Graphics and Hewlett-Packard.

How does it work?

There is a one time registration online or at a participating store. Next you add money to your account either in stores or online. The account balance can be viewed anytime online or using your phone. With MobiBucks, transactions settle at the moment of the spend or at the latest daily. For merchants, there is no 2-3 day wait for cleared funds. With the account now set up, spend anywhere its accepted. The best feature for consumers…MobiBucks is completely free.

Right now you can only find MobiBucks merchants in California and Oregon but I’m sure that list of States will grow very quickly. I believe with this kind of ‘convenience factor’ a service like MobiBucks could quickly become very popular with consumers and merchants. Additionally, with MobiBucks there are no chargebacks.