By Kat Asharya | Mon Aug 23, 2010 12:11 pm |
Verizon has invested in CardStar, a startup firm that develops a mobile customer loyalty card application, as the company continues to dabble in mobile payment services.
The Basking Ridge, N.J.-based telecom said it invested $400,000 in a mobile application, available for the iPhone, Android and BlackBerry, which allows consumers to consolidate their shopping reward and membership cards in one spot.
The Boston-based startup said it differentiates itself from other customer loyalty apps by offering a back-end system so merchants can launch their own promotions and discounts and communicate with their customers through the app.
"The carriers have long been looking at the mobile wallet idea, especially mobile payments," said Andy Miller, CardStar's chief executive. "But mobile payment is not here yet. So, what else is in someone’s wallet? A lot of different cards, and the common thread is loyalty cards."
CardStar has signed up over 2,000 merchants and about 700,000 consumers. It has also announced that its service will be integrated with Foursquare, the popular location-based social networking site.
Verizon's investment in CardStar, though small, is regarded as a sign that wireless carriers are becoming interested in mobile commerce. Earlier this month, Verizon announced a joint venture with AT&T and T-Mobile to test a mobile-payment service that would allow consumers to pay with their smartphones at cash registers.
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