PORTLAND, Ore.—A new startup, Tyfone Inc., is jumping into the mobile transaction arena with a payment product for mobile phones that the company said it has spent the past two years developing.
Tyfone said its offering supports most existing forms of banking and payment transactions, and is compatible with all wireless carriers. The offering includes a memory card and software, and supports financial transactions that use existing magnetic stripe point-of-sale technology as well as newer, contactless terminals.
Tyfone joins a variety of companies working to capitalize on the mobile transaction trend. Earlier this year, PayPal Inc. launched a service that allows wireless users to make purchases and send and receive funds via cell phones. Another player in the space is Obopay, which offers a downloadable application that enables real-time purchases and transfers on mobile phones.
