IFAN Financial Inc (OTCBB:IFAN) is one company that stays ahead with innovative technology involving e-commerce. The 21st century has seen a boom in the mobile industry and everything people do now seems to be connected with it. Even payments are taking place through mobile, as people start to find it easier. IFAN has seen this as a great opportunity and is now focused on developing mobile payment apps and solutions. The company works with its subsidiaries to enable its customers to use a debit card and PIN to make cash transfers and online purchases.
Currently, a subsidiary of the company iPIN technologies has been working on a front end database to enable merchant processing transactions and posting of the transaction status to the merchants URL. The system, once it is complete, would be operable through android and iOS devices. The system would involve a card reader, a mobile app and a merchant network, which would ensure the security and ease of transaction. Recent news from the company stated that currently, the solution is in its testing phase. The device connects through the hands free jack of a smart phone to convert it into a card reader.
The beauty of this technology is that it eliminates the threat of information theft. There is no need for the merchant to have any access to the users banking information, with this system. The launch of the product is expected to be in the current quarter. Another subsidiary, Mobicash America, is working on a similar project. The company aims to make transactions possible through text messages, from a smart phone, with or without a carrier installed. Additionally, the company aims to keep adding more products to its impressive portfolio, targeting merchant-consumer needs.
IFAN Financial Inc (OTCBB:IFAN) closed at $0.185, losing 4.15% on April 10. The company trades 79.96 million shares in the market. The company has a 52 week range of $0.01-$1.01. However, the company is yet to report any revenues and has just $18,000 in cash. The company also reported a loss of $165,000, in its FY2014.