On Monday 12 September 2016 Arthur Argyropoulos, the CabFare CEO, unveiled the CabFare technology in a presentation at PayThink Conference 2016 in New Orleans. The technology, patented and developed by CabFare’s parent company, Parousia Investments offers a innovative new use of Beacon technology for payments, in particular reducing the friction faced in many retail environments.
Senior executives from the payment and banking industry attended this annual conference including representatives from Samsung Pay, Android Pay, Bank of America, Amazon, PayPal, Facebook and Verifone. PayThink showcases the state of the art payment technology and issues confronting payments in the USA.
Arthur told the PayThink attendees “Beacons are key to changing purchaser payment behaviour and provide a platform for sellers to enrich and engage with customers. They make connected commerce a reality today”
The technology invented by Parousia Investments delivers “connected commerce” for use in a wide variety of applications from taxi payments to restaurants and retail shopping. The technology can be extended to in car payments, parking, public transport, aged care home support services, building and personal security.
Google has coined the term the “Physical Web” that it describes as “Walk Up and Use Anything”. “The Physical Web is an approach to unleash the core superpower of the web: interaction on demand. People should be able to walk up to any smart device - a vending machine, a poster, a toy, a bus stop, a rental car - and not have to download an app first. Everything should be just a tap away.”
“Reinventing our thinking about beacons opens up the potential of not only the “internet of things” but more importantly the “physical web” as conceived by Google” Arthur commented.
Arthur presented a case study of the Taxi industry and outlined in detail the Fightback strategy against rideshare services Uber/Lyft for Taxis using the CabFare application to defend Taxi Stand and Hail work.
With a CabFare enabled Taxi:
The outcome in Taxis is enhanced taxi passenger safety and payment security in a traditionally high-risk environment for passengers and payments.
“As an End-to-end retail solution, CabFare’s App offers safety and convenience as a compelling alternative to a conventional card payment” Arthur said.
“This application demonstrates what is possible and how wallets can change consumer patterns by enriching the Digital wallet and integrating it fully with the retail experience”.
Parousia’s unique approach to integrating Beacons into Retail Apps delivers the Enriched Payment Experience that is the Key to Wide scale Deployment of Digital Wallets.
Parousia technology can be applied in personal service industries where the anonymity of the service provider and the transitory nature of the service heighten concerns for consumer personal and payment security. (e.g. Aged Care Home support services, Home Tutors, Home Handymen services). The Parousia technology enables the end user to verify the service provider and to pay for the service at the end of the service if needed. It benefits any commerce situation where the consumers feel vulnerable or isolated.
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