Parramatta’s mobile payment system considered a revolution for commerce
A small suburb in Sydney, Australia, has managed to win an award for its mobile wallet initiative, beating out staunch opposition from Google and the country’s Commonwealth Bank. The suburb of Parramatta has developed its own mobile payment system called ParraSync. The system can be used with physical payment cards as well as smart phones and other mobile devices. Both mediums must be equipped with NFC chips in order to conduct mobile payments. The system has been singled out for its ability to revolutionize the way Parramatta residents live their lives and purchase goods and services.
ParraSynch awarded Best Near Field Communication Collaboration Initiative
ParraSync has won the award for Best Near Field Communication Collaboration Initiative at the first ever Smart Card Awards Asia even in Singapore. The system was developed by STMicroelectronics and SGS Technologie Australia, as well as the Parramatta City Council. The initiative received support from the government’s Collaborative Solutions – Mobile Concierge program, which aims to promote mobile technologies. As part of the award, Parramatta received a grant that will help cover 30% of the costs associated with expanding ParraSync and improving mobile commerce in the county.
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Mobile payment system beats out Google Wallet and the Commonwealth Bank
The system beat out competition from Google and the Commonwealth Bank to take home to award. Both organizations have developed mobile payment systems that have been met with moderate success. Google’s initiative, called Google Wallet, has been troubled with security problems that have made consumers shy away from making use of it. The Commonwealth Bank has fared somewhat more favorably, able to meet the needs of many consumers who have access to NFC-enabled smart phones without any serious security problems.
Success may be due to small scale implementation
Part of ParraSync’s success may be due to the relatively small market focus it has compared to its competitors. The system is meant to meet the needs of Parramatta residents and is designed to make mobile commerce appealing to this particular market. Promoting NFC technology and mobile commerce on this scale has proven successful, allowing ParraSync the support it needs to grow and become more intuitive. The grant awarded to Parramatta is expected to further improve the system.