New Media Insight Group Offers Merchants Lowest Transaction Fees Available with CloudPay Solution
PHOENIX, April 7, 2014 /PRNewswire/ — New Media Insight Group, Inc. (“New Media” or “the Company”) (OTCBB: NMED), a leader in mobile payments, announced today that its smart-phone based payment solution “CloudPay” provides retailers with the lowest transaction fees available in the United States.
In late March, Walmart Stores sued Visa Inc. for $5 billion in damages after accusing the credit and debit card provider of charging an excessive percentage of interchange fees per transaction. This is in the wake of a December 2013 suit, during which a Brooklyn, NY federal judge approved a $5.7 billion class action settlement between Visa and MasterCard that ended years of litigation between the two providers and U.S. merchants over the same excessive interchange fees. This class action suit was originally filed in 2005.
“U.S. merchants, both large and small, operate at the will of major credit and debit card providers and are subjected to excessively high interchange or ‘swipe’ fees,” stated Michael Palethorpe, CEO of New Media. “These fees usually fall between 1.5 and 3% of the value of the purchase. Our innovative mobile payment solution, CloudPay, charges retailers a flat 0.5% per transaction, the lowest fee structure available in the U.S.”
“CloudPay operates through a free mobile-to-mobile application, and can save retailers up to 80% on their annual transaction fees. Our mCard solution CloudPay is at the forefront of the mobile payment industry, and I am confident it will be a growth driver for our Company as retailers continue to lobby for more cost-effective transaction options,” concluded Mr. Palethorpe.
Merchants can find out more about mCards, Cloud Payments and other New Media Insight Group solutions at: http://www.newmediainsights.com
About New Media Insight Group, Inc.
New Media Insight Group, Inc. (OTCBB: NMED) is an innovative mobile payments company. New Media Insight recently launched mCards, a system that allows merchants to accept mobile payments without any additional hardware other than an existing terminal that takes MasterCard. New Media Insight is employing a grassroots strategy to increase mCards adoption, focusing its efforts on building alliances with non-profits that already have strong relationships with merchants.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to any future sales of mCards, the features and security related to the mCards, any benefits that mCards may provide to medium and small businesses, and the company developing, acquiring and scaling solutions that monetize social and mobile media more effectively than traditional advertising.
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SOURCE New Media Insight Group, Inc.