1OAK Technologies announced on Tuesday the release of Sequoia, a mobile payments product designed to allow retailers to immediately accept mobile payments with existing point-of-sale machines without changes to infrastructure or back-end payment processing systems.
“There are more than 10 million point-of-sale systems in use in the U.S. alone, most of which cannot communicate with today’s smartphones,” 1OAK Chief Innovation Officer Gary Rayner said. “Consumers and retailers need a solution that can make ubiquitous mobile payments a reality for all smartphone users today. Solutions must be convenient and affordable; retailers can’t be required to overhaul payment systems, and consumers don’t want to use additional gear to make payments with credit, debit and loyalty cards. Sequoia makes payments secure, convenient, easy, and affordable for retailers and consumers.”
The Sequoia product will also allow consumers to make electronic payments using the Sequoia app on any smartphone without the need for additional hardware. 1OAK will unveil the solution to retailers during the National Retail Federation’s Big Show in New York City next week.
“Only two percent, or $150 billion in payments of the nearly $5 trillion processed in 2013, were processed via mobile payment devices,” Steve Elefant, a mobile industry expert with experience at Google, ICVerify and Heartland Payment Systems, said. “That means just a small fraction of payments in 2013 leveraged mobile payment systems, and the industry is ripe for innovation. Sequoia’s unique technical approach, featuring a fourth radio, makes the mobile payments process easier, less expensive and more convenient for merchants and consumers and will support faster adoption.”