Bling Nation — a real company — has raised $8 million, reports Venturebeat.
Bling’s RFID-based mobile payments program, Redi Pay Bling, allows users in the U.S. to pay for goods in stores with their phones.
Redi Pay Bling took two years to develop. It will compete with Visa and Mastercard.
Redi Pay Bling is already live at The State Bank in La Junta, Colorado. 25% of the bank’s customers already use it.
The company is working with local banks to set up the payment infrastructure. The banks will give customers RFID stickers for their mobile phones, which will be activated just like ATM cards.
Bling Nation will equip stores with RFID readers, which will recognise the mobile phone stickers. To authorise a payment, users will have to push a button on their phones. The RFID readers verify the transaction and the customer receives a text message as a receipt. Big transactions will require a PIN code.
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