Netclearance, Inc. today announced that it’s been nominated as a finalist in the Best Cash Innovation category by PYMNTS.com for leading the revolution in mobile payment experience for their private mobile payment terminal network, which is separate from other card networks so a retailer or bank can deploy innovative payment experiences, collect user data and lower transaction fees.
This recognition comes after weeks of deliberation, over 600 submissions, and the most exhaustive vetting process in the industry to compete for a Gold, Silver or Bronze medal to be awarded at the PYMNTS Awards Dinner on March 17th at the conclusion of the Innovation Project 2016, http://www.innovationproject.com/2016-innovator-awards/ where the most meaningful minds, emerging disruptors and entrepreneurial visionaries in the worlds of payments and commerce converge.
Netclearance has been selected after being evaluated across several quantitative and qualitative elements. Experts have made the decision by taking to consideration, company’s experience, industry recognition, technical certifications, market penetration and positive client reviews.
Unlike traditional credit-card based mobile solutions the new solution developed by Netclearance allows payment transactions to run on private rails via a mobile app and a small payment terminal connected to the cash register, hence banks and retailers can deploy their own private mobile payment network independent from card networks and handset manufacturers.
“We are honored to be recognized for the work we are doing to transform mobile payments into a powerful engagement opportunity,” said David Fernandez, CEO of Netclearance. “Leveraging proximity technology, the cloud and mobile apps, the new mobile payment system allows banks and businesses to learn more about their customers, connect with them in real-time, boost profits and reduce merchant processing fees from payment transactions.”
“With over 20,000 merchants’ locations across Scandinavia, including banks like Danske Bank and major chains like Starbucks and McDonald’s, is clear this new cash-based mobile payment method paves the road to cashless societies” said David Fernandez, CEO of Netclearance.