Thursday, October 10, 2013, 08:35 am PT (11:35 am ET)
Simple, Jumio showcase new mobile payment systems for Apple's iPhoneThe iPhone gained two innovative mobile payment systems Thursday as virtual banking service Simple teased their new Bluetooth-enabled cash transfer system 'MoneyDrop' while credential management startup Jumio showed off Passbook-based PORT.
Simple's MoneyDrop works for cash much like Apple's AirDrop does for photos and files two or more Simple account holders with Bluetooth Low Energy-enabled iPhones can exchange money instantly while their devices are within range of each other. The company previewed MoneyDrop on Thursday for attendees of the Money2020 financial services conference in Las Vegas.
Announcing the new feature on Simple's company blog, CEO Josh Reich wrote that "without running to an ATM, youll be able to pay your friend back for dinner while youre still at the table, or pay your roommate back for the internet bill while youre both chilling on the couch." Reich did not share a release date, but said MoneyDrop "is in development right now."
MoneyDrop was not the only new payment system shown off for Apple's handset on Thursday. Jumio, a mobile payments startup backed by Facebook co-founder Eduardo Saverin, announced their new PORT system in which users can scan their credit card and identification information with their iPhone's camera and then add the information to Apple's Passbook. When purchasing an item or service from a merchant that supports PORT Fab and AirBnB are said to be signed up at launch the user can simply pay with Passbook.
PORT's goal is to enable mobile payments without requiring users to download a separate app, the company said. Jumio believes that requirement has been a source of significant friction in the uptake of digital wallet services among consumers.
The mobile wallet space is heating up amidst rumors that Apple may be readying an iTunes-backed mobile payment system of their own. Search giant Google recently dropped the requirement that Google Wallet-enabled devices feature NFC hardware and released an iOS application for the service.
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