As part of the agreement, Peppercoin announced that it will offer its Small Transaction Suite to SunTrust’s clients with the aim of enabling them to convert small cash payments to credit and debit card payments.
Reino Parking Systems, a provider of on-street parking programs, is the first to deploy the new system at its Multispace parking meters. The platform is expected to allow consumers to pay for parking with their credit cards or mobile phones, which receive an SMS text message before their parking expires.
In the past six months, we have seen a dramatic increase in demand for small payments capability, said Barbara Roeber, general manager, SunTrust Merchant Services. Peppercoin’s solution is the only one that supports our merchants’ needs for digital, mobile and physical point of sale transactions.
According to a 2004 study by Ipsos-Insight, 37.5 million US consumers are demonstrating a preference to use their credit and debit cards for transactions below $5. It also revealed that, in one year, the number of US consumers who have made small online purchases grew 250%, from 4 million to 14 million.
