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Swedish NFC payments system developer gets $2m funding

By Sarah Clark | NearFieldCommunicationsWorld.com | 3 February 2010, 17:40

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Accumulate, developer of an NFC payments system currently being rolled out to 100,000 Swedish university students, has received over US$2m in venture capital funding.

Amongst the investors are Swedish payments processor PayEx, the company behind the university project, and existing investors. The money will be used to further develop Accumulate's mobile payments and mobile security business.

"Accumulate's mobile security platform has great potential," says Krister Fingal, president of PayEx. "PayEx Mobil already has many users and the mobile payment solution arouses great interest every time we show it. As one of the leading players in the Nordic market for overall payment services, and now also as a partner and owner in Accumulate, we look forward to many new and exciting commercial projects.”

Accumulate's Mobile Everywhere solution is based on patented One-Time-Ticket (OTT) technology used to generate one time transaction codes. "This is easier, more secure and more cost effective than, for example, OTP (one-time password) and other solutions on the market," says Accumulate. "With OTT no user information like user ID and password is transported or saved over the Internet, and the cost of SMS text messaging and/or separate security devices is saved."

As well as the Mobile Everywhere solution used by PayEx, Accumulate also offers Flexion, a leading payment, access and usage rights solutions for mobile content and services.