XIPWIRE Unveils Text to Pay Technology In Philadelphia

XIPWIRE, a mobile payment service, is launching its simple text-to-pay
technology in Philadelphia. Offering the most simplistic user interface
currently available, XIPWIRE enables consumers and merchants to send and
receive money securely and quickly via text message from a mobile phone.
Users can fund XIPWIRE accounts with money from a debit card, bank
account, credit card or with money that friends and family transfer to
the account. With two easy steps, users can pay for everything from
cheesesteaks and water ice to dog-walkers and coffee shops – all from
the convenience of a mobile phone. While mobile payments are commonplace
throughout the globe, their adoption is only now gaining momentum
domestically; in an effort to introduce the technology and provide a
risk-free opportunity for merchants and consumers, the XIPWIRE service
will be free of charge through 2010.

Sharif Alexandre, a Drexel Hill native and University of Penn graduate,
spent two years researching and developing a simple and secure platform
that would change how people transfer money to one another. Prior to
founding XIPWIRE, Alexandre spent 15 years in the IT industry, refining
his Open Source technology expertise at a variety of companies – from
start-up tech firms to Fortune 100 organizations. Alexandre said, “Other
text-to-pay services are difficult to use and only apply to peer-to-peer
transactions. With XIPWIRE’s simplistic text-to-pay service, we’ve
opened the door to consumers and businesses alike, and that momentum can
establish Philadelphia as the first mobile city in the nation.”

XIPWIRE utilizes a short code – 56624 – that has been certified by every
mobile carrier. Using a short code instead of a regular 10-digit phone
number ensures that text messages sent to XIPWIRE users comply with all
the regulations specified by the mobile carriers – which helps keep
transactions secure. “While a text message to initiate payment is an
exciting concept, it would be useless if it wasn’t secure – that’s why
XIPWIRE has deployed a layered approach to guard against both
unauthorized access and potential fraudulent activity,” stated
Alexandre. To that end, XIPWIRE utilizes PIN authentication so that
money cannot be sent without authorizing the transaction with your
four-digit code. Unlike other mobile payment systems that store account
information on a user’s mobile phone, XIPWIRE does not store this data
and it also encrypts all passwords and account numbers to ensure
security. And, in the event a user’s phone is lost or stolen,
transactions can be prevented by locking the phone via an online account.

In addition to a simplistic and secure design, XIPWIRE transactions are
free through the end of the year for both consumers and merchants, and
there will never be a sign-up fee or monthly subscription fee. Beyond
this year, businesses that accept XIPWIRE payments can significantly
reduce credit card transaction fees because the 2011 fee per credit
transaction is only 1 percent, compared to the national average of 2.5
percent. Mobile payments are more than just savings – businesses also
stand to increase revenue, as shoppers spend 12 to 18 percent more when
they are not paying with cash. “We’re on the fast track to becoming a
society where the mobile phone rules everything; consumers already use
their mobile phone for banking, texting, gaming, emailing and reading,
so why pull them away to make a purchase?” asks David Katz, owner of
Mémé Restaurant in Fitler Square, which started accepting XIPWIRE this
month. “With payments from a mobile phone, XIPWIRE makes my business and
my customers’ lives that much easier.”

To get started, text “go” to 56624. XIPWIRE will text back a temporary
username and password that you can use to login and complete your
account setup.

About XIPWIRE

Founded in 2009, XIPWIRE is a mobile payment service that enables people
to securely send and receive money using a simple text message. XIPWIRE
leads the region in mobile payment technology with a strong focus on
simplicity and security. Its robust platform caters to individual users
as well as merchants and non-profits. XIPWIRE enables businesses to
offer their customers a convenient cash alternative without the need to
pay high credit card fees.

XIPWIRE complies with all state regulations, operating with a SMS short
code (56624) and certification from all major mobile carriers.