Under the terms of the agreement, Accumulate is to provide the necessary mobile technology to support the service, while PayEx is responsible for the overall infrastructure. In order to use the service, users must register with PayEx. Their account will be linked to a bank account or credit card. After the retailer enters the sum to the payment terminal, the buyer will sweep the handsets near the terminal and accept the transaction which is shown on his handset by pressing OK or the amount changed and enter the personal code.
The pilot will be rolled out in Sweden on the island of Gotland in participating stores. RFID technology can be used for payments, via either a NFC enabled phone model or other RFID enabled card. Apart from POS use, customers can also select the service to make P2P money transfers and shop online.
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