In addition to its mobile banking features, iCashe uses Tyfone’s SideTap microSD technology to provide NFC contactless payments, gifting and loyalty programs. The app allows gift cards to be purchased and stored on a mobile device or sent via email or text message to a user based in the US.
In order to use iCashe, a person must be logged onto a mobile banking app. Banks and other financial institutions are not required to use Tyfone’s mobile banking service to offer iCashe to their customers. All financial institutions that use iCashe will receive revenues based on incremental transaction fees resulting from iCashe purchases.
In April 2011, Tyfone has launched its mobile banking service.
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