Slingshot has turned the technology in mobile devices, particularly the smartphone, the Cloud and GPS into a system to solve major payment problems for consumers and vendors today.
This system is called the Slingshot Mobile Payment System ("SMPS").
The problem of U.S. credit and payment systems is they are still based on costly, truly dated physical infrastructure like plastic credit cards and payment terminals/ processing equipment.
These legacy form factors are expensive, unsecure, and unsafe to both the consumer, in particular younger generations of consumers, and the merchant/vendors.
SMPS
- The SMPS received first allowance U.S. patents because it is the first and only system that converts the mobile device itself into a complete alternative to plastic credit cards and POS systems.
- Unlike PayPal, Google Pay, Apple Pay and others, there is no dependence on or need for a traditional plastic credit card, which is replaced in its entirely by the SMPS-enabled mobile device.
- Whereas the only recent “innovation” in traditional plastic credit cards has been the addition of a chip to allow for “tap to pay”, the SMPS benefits from all of the technology inherent in the mobile device/smartphone – including a high level of built-in security, GPS and access to apps and the Cloud.
The technology in the SMPS-enabled mobile device/smartphone allows for the following spectrum of benefits:
- Slingshot’s payment technologies can eliminate credit and processing fees, and provides unparalleled security and frictionless on-boarding that enables merchants and customers to engage in point-to-point or peer-to peer (P2P) transactions.
- Slingshot’s payment technologies can be implemented as Software-as-a-Service (SaaS) offering, and can allow customers and merchants to implement their own secure digital wallets.
- Slingshot’s payment technologies are a highly strategic offering, taking full advantage of technologies that are inherent in computing devices, and providing differentiation and revenue to a number of potential strategic users/ partners, including major device and smartphone manufacturers, telecom companies and social media companies — just to name a few.
- Slingshot has a robust patent strategy, having both issued patents and an open portfolio of pending applications.
The Solution to the Antiquated, Costly Legacy Plastic Credit Card System
Slingshot has developed a mobile device-based payment system as a total alternative to plastic credit cards – that is why it received USPTO patents.
The mobile device itself becomes the "credit card" for the payment system, replacing legacy plastic cards and current point-of-sale hardware systems.
As a result, the SMPS:
- Can eliminate/significantly reduce credit card and bank processing fees
- Reduces the registration process for online commerce transactions and increases privacy and security
- Can be integrated with existing vendor accounts
- Facilitates device-based, decentralized transactions, leveraging location-based services and touchless technology
- Pays merchant accounts directly and immediately through the Slingshot Payment Platform
- Supports “buy now, pay later” programs for vendors
- Supports merchant and other rewards programs
The SMPS provides a dynamic operating infrastructure that can be built upon and customized to whatever size and complexity desired by the patent owner/licensee to suit its specific needs.
The SMPS can give these users a product that provides market differentiation, revenue and a patented “moat” to prevent competitors from developing a similar product.