Verizon teams up with Payfone on mobile payments service

Summary:Verizon Wireless is pushing further into the burgeoning mobile payments game with the announcement of a new partnership with Payfone, a system dedicated to authorizing and processing mobile payment transactions.

Verizon Wireless is pushing further into the burgeoning mobile payments game with the announcement of a new partnership with Payfone, a system dedicated to authorizing and processing mobile payment transactions.

Under the deal, Verizon Wireless customers will be able to make online purchases using mobile devices (i.e. smartphones, tablets and laptops). There will be a few different ways of paying for the purchases. For example the charges could be sent directly to a customer's monthly Verizon statement or via "traditional payment methods" with financial partners.

Payfone will be responsible for handing other features, mainly related to security, such as intelligent routing, authentication and bridging the gap between mobile operators and merchants.

However, there are still a few details to be worked out - namely as to when the results of this friendship will be available to customers.

Verizon has already been tied to another mobile payments service, Isis, but that project hasn't exactly taken off yet. Although mobile payment services are still just buzz topics at the moment, the competition is guaranteed to heat up later this year at least once Google Wallet (in partnership with Sprint, among others) is launched.

Related:

Topics: Verizon, Banking, Enterprise Software, Mobility

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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