PATbuy enhances PATsend, CPNI’s phone authorized transfer (PAT) mobile person-to-person payment solution. PATbuy can drive increased transaction revenue for banks by giving their customers access to a new and convenient method of making purchases. Participating merchants are identified by their phone number.
PAT provides a bank-branded, global solution for remote payments, purchases and transfers, allowing banks to leverage their existing assets. The PATbuy and PATsend offerings feature global mobile payment message routing, which enables bank customers to make payments, purchases or transfers to any individual, merchant or organization via their mobile phone. Consumers use an application downloaded to their phone or an interactive voice response system.
PAT can empower banks to compete with third-party payment providers, generate new fee income, decrease processing costs and attract new customers.
To make purchases, consumers simply provide the merchant’s telephone number, select an account or credit card and enter the amount of the transaction on an easy to use interface. Merchants that are frequent recipients can be saved as favorites. Both sender and recipient receive a SMS and/or email transaction confirmation. PATbuy leverages the same mechanism and recipient identification as PATsend.
Through PATbuy customers can perform remote movie ticket purchase, prepaid mobile top-up from phones, transit pass renewal and web purchases. CPNI provides merchants with the ability to reach consumers through a merchant gateway to the PATnet mobile payments network. This gives merchants a single integration point and an interface to leverage their existing business and eCommerce processes. PATbuy can reduce implementation time and cost for the merchant. Once a merchant is connected, customers of any participating financial institution have access to them. Consumers have access to both PATbuy and PATsend from the same mobile application.
Patrick Bird, president and CEO of CPNI, said: PATbuy provides convenience and value for each participant in the mobile payments chain. This solution reflects our commitment to provide banks with the tools they need to defend their payments franchise compete against third-party payment providers and grow their mobile payments offering. Our next product, PATbank, will provide easy mobile access to banking services.
