New Mobile Payment Option for Retailers: ALTPAY

ALTPAYAccording to a recent study by the FDIC, 9.6 million households in the United States don’t have bank accounts. This group of unbanked consumers is one of the target markets for ALTPAY, a new up and coming mobile payment company, which will give retailers a greater opportunity to connect with a wider range of customers.

ALTPAY offers its services to mid-market retailers such as supermarkets, grocers, convenience stores and pharmacies. The technology, which replaces the use of bank accounts, provides direct communication to the customer’s smartphone in order to deliver a targeted customer rewards program.

ALTPAYVictor Cook, managing partner of ALTPAY commented, “ALTPAY is one of two first-to-market companies that are already doing business, have clients and revenue.”  ALTPAY offers an alternative for unbanked customers, allowing its retailers to adapt to the customers needs, thus growing its customer base.

The company, which released its technology six months ahead of Apple Pay, just announced they are the recipients of a $1 million equity investment. ALTPAY is currently compatible with Android, Apple and Windows mobile smartphones.

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