HOLLYWOOD, Fla. -- ALTPAY, a startup mobile payment company, has announced that it has received a $1 million equity investment from two investors. ALTPAY markets its mobile payment service in the United States to regional and mid-market retailers, including supermarkets, grocers, pharmacies and convenience stores.
"Successfully up and running since March in the South Florida area, our mobile payment service is secure and private, saves merchants money and helps them to retain customers making every day purchases," said Victor Cook, managing partner of ALTPAY, which is based in Hollywood, Fla.
One of ALTPAY's target markets is retail customers without bank accounts, the "unbanked."
ALTPAY's business model is based on a mobile payment software application integrated with the merchant's point of sale 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 offers secure, cost-effective mobile payment solutions to retailers who want to connect with their customers, understand their customer's needs demographically and offer loyalty programs.
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