Mobile payment systems on the market right now are picking up bank compatibility, ubiquity and features somewhat slowly, but Rambus wants to disrupt all of that with their new Unified Payment System, aimed at integrating all steps and forms of payments to make the entire process as simple as possible for both customer and retailer. Rather than being another mobile payment system to compete with the likes of Android Pay, Samsung Pay and Apple Pay, the Rambus Unified Payment Platform is actually a base for retailers to build out mobile payment and loyalty apps on top of. The platform uses a specially made system to integrate loyalty points, store credits, coupons, customer payment methods, and anything else a store may need to create an all-in-one payment app.
Rambus' Unified Payment Platform uses tokenization and card handling methods gleaned from the company's acquisition of Bell ID. The beauty of the platform is that these integrated solutions are actually opened up and simplified for retailers to use in building their own one-stop mobile payment solution. The whole show revolves around the Digital Value Manager, which allows retailers to connect to third party platforms to manage just about any kind of digital currency. The Retail Wallet Engine, meanwhile, brings the security, while linking up to existing digital wallet solutions and opening the door for virtual point of sale capability. Finally, the platform can integrate with a number of customizable modules and APIs to fit a retailer's needs.
Even with mainstream mobile payment solutions gaining popularity and being accepted at more and more locations, the idea of a retailer creating an all-in-one app that includes mobile payment is not entirely lost on consumers, as shown by the relative success of Walmart Pay. Rambus President and CEO Dr. Ron Black says that the platform is capable of enabling an "enhanced frictionless shopping experience" for both users and retailers. The platform's ability to bring together just about all forms of value and currency allows for the creation of an all-in-one app that can integrate loyalty rewards, manufacturer coupons, other solutions like Android Pay, and even support things like partial transactions and customer tabs.