LAS VEGAS -- Betting Inc. (OTCBB:BETT) has contracted Newcom Technologies to manage the development of the patented Pocket Pay.
Pocket Pay is both a pocket-sized terminal and phone, capable of sending transactions using a wireless ATM card with PIN, a stored- value smart card or a card-present credit card to the ET&T (www.hpos.com) bank host for processing.
The goal is to develop a working model over the next 90 days and then demonstrate to a potential strategic manufacturer a live transaction being processed by the ET&T bank host.
The Pocket Pay is expected to make a tremendous impact on global personal mobile wagering, and will generate instant pay-per-play cash for gaming operators; substantial instant paid fees for Betting Inc. and Newcom Technologies (www.newcom.com.au) per Pocket Pay transaction; and instant taxation of the player's winnings, as the wagering transactions are an open track from the player's bank to the state, government or private gaming company's bank.