ALTPAY secures USD 1 mln in equity funding

ALTPAY markets its mobile payment service in the US to regional and mid-market retailers, including supermarkets, grocers, pharmacies and convenience stores. They will launch in Latin America in Q1 2015.

One of ALTPAY’s target markets is retail customers without bank accounts. ALTPAY’s business model is based on a mobile payment software application integrated with the merchant’s point-of-sale (POS) and back office that uses a patent-pending one-time-use token tied to location and time. The technology, which replaces cash tender at the point-of-sale, does not require merchants to make hardware upgrades. It provides a direct channel of communication to the customer’s smartphone to deliver a targeted customer rewards program. The technology works with Android, Apple and Windows mobile smartphones.

ALTPAY provides mobile payment solutions to retailers who want to connect with their customers, understand their customer’s needs demographically and offer loyalty programs.