Simple, Jumio showcase new mobile payment systems for Apple's iPhone

in iPhone edited January 2014
The 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.

iPhone 4S / iOS 7 WiFi issues

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, you?ll be able to pay your friend back for dinner while you?re still at the table, or pay your roommate back for the internet bill while you?re both chilling on the couch." Reich did not share a release date, but said MoneyDrop "is in development right now."

iPhone 4S / iOS 7 WiFi issues

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.


  • Reply 1 of 10
    This will be a major differentiator and move upgrades and competitive trade ins. Your iPhone is your ATM.
  • Reply 2 of 10
    1) good to see more and more digital payment options out there. I think.

    2) no bumping, gotta give them credit for that

    3) so merchants need to have a PORT system at check out. I say fail

    4) simply scanning a credit and ID card seems spooky

    5) one third of all transactions still happens with the almighty bill, because it was earned before taxes were paid, and taxes were never going to be paid. We have a supermarket here, [URL=]Marqt[/URL], who don't accept cash. Yes, they're missing out on potential clientele.
  • Reply 3 of 10
    The youth will not be thinking of taxes when they ask their parents for money via their new iPhone5c. "Dad I need some money for lunch. Sure... Click".
  • Reply 4 of 10

    I've been using Simple as my bank for just under a year and love it. It's really cool to see them pushing limits and making headlines.  :D


    The Jumio thing sounds like crap.

  • Reply 5 of 10
    Pay your roommate for internet use! Who does this?
  • Reply 6 of 10

    And yet Apple continues to block all Bitcoin wallet apps for iOS.  I've been using Apple's OS for 20 years and hold AAPL, but I got an Android phone since Google is okay with me using bitcoin.  With bitcoin, my phone is my bank, as opposed to merely providing access to a bank.

  • Reply 7 of 10
    Originally Posted by corey2157 View Post

    And yet Apple continues to block all Bitcoin wallet apps for iOS.


    Because this is actual money. That isn’t.

  • Reply 8 of 10

    Without addressing the premiss on which your point is made - whether bitcoin is real money or not, it is obvious that has nothing to do with Apple's choice.  They have lots of apps that handle "actual money" and lots of apps that handle "not-actual money", such as any game with credits.  Although I don't like that I have found myself drawn into you strange paradigm.


    Let me try again:  There are hundreds of thousands of apps.  Very few of them handle "actual money", so why therefore, are they allowed?

  • Reply 9 of 10
    Originally Posted by corey2157 View Post

    lots of apps that handle  ot-actual money, such as any game with credits.

    Sorry, I’ll be clearer. That’s because it’s not fake money masquerading as real money.


    Very few of them handle "actual money", so why therefore, are they allowed? 


    That should be apparent.

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