FEED Tribes offers unique mobile payments platform

location based services

ED Tribes is looking to revolutionize mobile payment market that has failed to gain mainstream traction till now even after major announcement by PayPal and likes. FEED Tribes is lead by Rod Stambaugh, who has more than 16 years of experience in retail industry and now wants to apply that experience to build a new mobile payment+retail platform.
FEED Tribes, which is in pre-launch mode right now, has developed an interesting mechanism to enable easier purchases at retail stores. Before you can make any transactions, you will need to open a FEED Tribes account, load it with funds from your checking account, and associate the FEED account with your mobile phone. From there on, any time to want to make purchase at a store accepting FEED transactions, you need to text your PIN number to the FEED 5 digit short code to receive a unique 4-digit numeric transaction code. The retailer will take this transaction code to complete your transaction and give you a receipt for the sale. Each transaction code is valid only for 15 minutes for added security.
Around this transaction system FEED Tribes is building number of services that will target both retailers as well as consumers. FEED users will be able to signup to receive offers from local stores they are most interested in. On the other end participating FEED retailers will have access to a backend system that allows them to create promotions on the fly that can delivered onto consumers subscribed to a particular store location. Retailers will also be able to create targeted coupon and cash back offers for their customers where the funds can get debited back to the users FEED account automatically. FEED will also be offering location based services. Take a case when FEED user is located away from his original FEED account location and makes a FEED transaction which will indicate the true location of the user. FEED system will than quickly look into the users subscribed list to automatically deliver offers according to the new location.
Currently FEED is on aggressive sales and development drive with a planned extensive feature launch coming in January. Customers in Denver/Boulder area are the first ones to take advantage of the new system. Recently FEED Tribes system was made operational in all the Noodles & Company restaurants located in Boulder, and has been testing the system with mobile phones vendors, casinos, and other entertainment firms. FEED Tribes is planning to move into San Francisco early next year.
Personally I feel that if FEED Tribes delivers as per it’s plan it should offer a better value to consumers and increased efficiency to retailers as compared to what is offered by PayPal Mobile and Cellfire.
Links:FEED Tribes

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