nTrust and Estimote launch Canada’s first iBeacon mobile pay system

▤ Summary

IBeacon’s implications are potentially huge for retailers, who can use the technology to send mobile messages to any user that enters a store. When they get to the cash register, the merchant can send them a purchase request and consumers tap “OK” in the nTrust app to make the payment. For one, payments currently have to be made from nTrust’s proprietary prepaid wallet, where users upload funds from a credit or debit card. Using securely stored credit card credentials to pay directly (the method used by Amazon or Paypal-enabled websites) isn’t supported at the moment. To try and sweeten the deal for merchants, nTrust is offering free Estimote beacons and transaction fees at a reduced rate of 1%.

▦ Linked Companies

Estimote, Inc.

$10M to $25M