The application lets consumers conduct person-to-person payments. MPayy’s application is free to download.

“We want to provide consumers and merchants with the most convenient way to make mobile payments,” said Conrad Sheehan, founder/CEO of mPayy, Chicago. “MPayy offers the most complete set of mobile transaction functionality in the Android Market, much more than PayPal and is more intuitive given we are built around the mobile number.

“This app will make it easier for buyers and sellers alike to conduct mobile commerce,” he said.

MPayy lets merchants process bills and payments for any sized business.

Money goes mobile
All mPayy personal and business account-holders can use the Android application to make and receive person-to-person payments, track activity and withdraw funds from their mPayy accounts to linked bank accounts.

Small business account holders will also be able to issue refunds for any sale through the application, even if it occurred on their Web site.

Small businesses will also be able to generate their own API key to unlock mPayy’s payment services and add secure debit payments to their online or mobile Web sites and applications.

The API keys can be used to authorize one-time or recurring billing subscription payments.

Merchants receive mPayy members’ shipping information to complete orders conducted online and via mobile.

MPayy members that do not have bank accounts can receive funds into a free, no fee, stored value account.

These funds can be used to make purchases at ecommerce merchants where mPayy is accepted or transferred for free to account holders that have bank accounts where the funds can be withdrawn for free.

Mr. Sheehan said the application will probably appeal more to a younger and tech-savvy consumer base, but will move more mainstream as more carriers roll out Android devices.

Mr. Sheehan said a new payments business model that provides the right incentives for mobile carriers, device manufacturers, merchants and consumers is needed for widespread mobile payment adoption.

“The new payments business model needs a new ubiquitous, secure payment platform that is designed to work with these key constituents and does not rely on Visa or Mastercard,” Mr. Sheehan said. “MPayy is just such a platform.

“This holiday season is about mobile search and research, not so much purchase,” he said. “Next year will have a quantum leap in real mobile transaction volume.”