Mobicash (MPW 136) has announced its mobile secure online payment which proposes a more elegant way to look at electronic security that renders the value of card account information useless to attackers and brings assurance to consumers.
85% of internet users are concerned about giving personal information such as their credit card over the web, and it is still the greatest barrier to online purchasing. Identity theft continues to be a threat, with e-mail phishing scams on the rise and key logging a growing menace.
In addition to the security risks in online card payments, e-commerce’s reliance on the card has resulted in the exclusion of un-banked populations. As the internet continues its expansion into developing countries, a solution allowing un-banked populations to participate in the e-commerce economy is needed. In the past the internet has been predominant in the developed world, this is changing quickly and online payment mechanisms must adapt to offer the same web-based services to un-banked online shoppers.
The MobiCash e-commerce system is a secure online payments solution protected by Very Smart Authentication (VSA), which allows merchant websites to accept payments using MobiCash payment instrument. This solution can be easily integrated into all online commerce systems and websites.
VSA is based on Tagattitude’s Near Sound Data Transfer (NSDT) technology, which transforms any mobile phone into a secure means of making proximity transactions.
With a few clicks (and an NSDT ‘chirp’) customers can now make purchases online conveniently and in complete security. This new function revolutionizes online shopping by introducing a critical security mechanism and opening e-commerce to the billions of un-banked mobile phone owners.
The mobile phone is key to solving both security and accessibility issues faced by e-commerce. Practically 100% of banked online shoppers own a mobile phone. In addition, over 3 billion mobile phones belong to un-banked individuals. Getting a mobile phone is infinitely simpler than opening a bank account and getting a payment card.
Internet fraud has developed into a highly sophisticated science used to power the multi-billion dollar identity theft industry. It is practically impossible to ensure that static information shared over the web stays protected and there is no way of knowing who is actually making an online payment.
The mobile phone resolves this issue by providing an independent (out of band) channel through which to communicate with the person requesting a transaction. MobiCash’s e-commerce solution makes it impossible to complete an online transaction unless the use’s phone is physically present and the correct identifier and pass code have been entered. Users can link their card to MobiCash to avoid entering vulnerable card information online and protect their bank account from hackers.
E-commerce mobile payments open the world of online shopping to billions of un-banked mobile phone owners. The MobiCash mobile payments platform is designed to offer un-banked populations access to basic financial services and electronic transactions. Those individuals receiving salaries, money transfers, pensions, or loans on their mobiles have the possibility of spending it online. Customers can also load their MobiCash account with cash at a cyber caf