Most Secure Ecommerce Web Payment and Universal solution
A bit of 2010 good news for Mobicash in its seemingly endless innovation, is the proudly announcement of our mobile secure online payment which propose 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 #1 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!!!
The seemingly never-ending barrage of fraud and identity theft on the Internet last year has continued to drive consumer fears skyward. However, consumers are still willing to increase the amount of personal business they do online, provided banks and other online services offer them strong authentication.
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 internet has been a developed world luxury, this is changing quickly and online payment mechanisms must adapt to offer the same web-based services to un-banked online shoppers.
Mobicash payment platform was born out of thinking out of the box and taking another approach? What happens when we throw out a lot of today’s assumptions around card payments and e-commerce and assume that the merchant shouldn’t have to store the data at all? What if we never even handed this sensitive information over to the merchant in the first place?
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.
Mobile phones are vastly prevalent around the globe: over half the world’s population owns a mobile! Countless studies show that the mobile phone is the object people most commonly have in their possession. People would even rather carry their phone than their wallet.
The mobile is personal, permanent, and benefits from an extremely elevated level of security (the SIM card). These characteristics make it the ideal device for payment and authentication.
Security
Internet fraud has developed into a highly sophisticated science used to power the multi-billion dollar identity theft industry.[1] 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 user’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.
Accessibility
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 finally have the possibility of spending it online. Customers can also load their MobiCash account with cash at a cyber café or with a MobiCash agent to be able to make a purchase on the web.
Extending MobiCash to the world of online payments brings a whole new dimension to the MobiCash platform; many of our partners are working in markets where e-commerce has not been developed due to lack on online payment mechanisms. Our online payment solution will change this and spur the growth of e-commerce in these underserved regions.
In many countries, even customers who do have payment cards do not have the possibility of using them to make purchases online due to high fraud risks. However, with MobiCash online mobile payments, the risk is eliminated and e-commerce can take place in complete security.
Very Smart Authentication (VSA™)
NSDT™ technology is used to power the VSA™ internet authentication solution. On a website VSA™ authentication is used to verify the presence of a user’s mobile phone. An NSDT™ cryptosound is sent to the web page as soon as the user answers their phone. When the server picks up the sound via the mobile, it proves that the phone is physically present and the authentication is completed.
How it works for Online Payment?
At checkout, the customer is redirected to the MobiCash Online Payment System server using an SSL link. They arrive on the merchant payment page and simply enter their identifier (typically the mobile phone number) and a secret pass code. MobiCash verifies this account and the pass code and launches a VSA™ authentication procedure towards this phone to sign the transaction.
VSA authentication pop-up
The outcome of the VSA™ authentication procedure is communicated to the merchant website for the approval or rejection of the purchase. The following diagram describes the interaction between the various pages during the MobiCash online payment process:
Speed
E-commerce transactions are made 3 times more quickly than with a banking card without compromising security integrity. Even relative to SMS or USSD based mobile authentication solutions, VSA™ is substantially more rapid and convenient. Studies show that 67% of online shoppers abandon the purchase before completing the checkout process.[2] Faster and less tedious transactions will reduce this percentage, thereby contributing to an even more flourishing e-commerce economy.
Simplicity
Unlike online payment systems where shoppers must locate, remember, and enter several pieces of information, when paying with MobiCash all they need to know is their phone number, pass code, and how to answer a phone call. With MobiCash, illiteracy and vision impairment are no longer major obstacles for online payment. The checkout process is transformed from tedious to effortless.
Instant availability
MobiCash online mobile payment solution works instantly on any phone in the world. There is nothing to download on the phone or to modify on the handset. Furthermore, MobiCash is completely independent of the telecom operator. Any phone that can receive a phone call (all phones by definition) can be used to sign e-commerce transactions with MobiCash. This means that there are zero hardware deployment costs no heavy enrollment campaign.
[1] See: http://news.cnet.com/8301-1009_3-10152246-83.html and the Identity Theft Resource Center: http://www.idtheftcenter.org/.
[2] Statistics of online shopping cart abandonment range from 25-75%. See: http://onlinebusiness.volusion.com/articles/understanding-the-causes-of-shopping-cart-abandonment.
One of the primary challenges in credit and debit cards payment security is coming up with practical ways to secure payment transaction data. The fundamental problem is that cardholder data becomes a shared secret. This secret often needs to be shared amongst a lot of parties in order to fulfill even a single transaction. Because security relies on the least common denominator of security controls amongst these parties, a leak is almost inevitable during the life of an account.
Mobicash was born out of taking another approach? What happens when we throw out a lot of today’s assumptions around electronic payments and e-commerce and assume that the merchant shouldn’t have to store the data at all? What if we never even handed this sensitive information over to the merchant in the first place? As we can see, one of the primary difficulties in securing this data is identifying all the places to which it travels. But what if this no longer mattered? Or at least mattered significantly less?
The purpose of this post is to raise equity finance of $us 15 million in return for 45% of the company from a participating partner that can add value and promote the MobiCash concept locally and internationally.
The remarkable growth in access to mobile telephony in developing markets has created the possibility of delivering new financial services by leveraging secure, low-cost mobile networks and platforms.
Our business model provides scalability and diverse revenue streams with fundamentally sound underlying businesses, which will enable MobiCash to achieve profitability in a short period of time. Mobicash has got wealth experience in the IT, Telecommunication and Financial industry and is ready to propose a sound business plan with a good revenue model.
Therefore, MobiCash is actively seeking finance partners to assist in expanding the South African and African global network of the mobile payment business. This will be an ideal investment for the entrepreneur who wishes to capitalize on the mobile payment popularity, without being hindered by the lack of technical skills, or getting bogged by the complexities of running that kind of business.
http://mobilemoneyafrica.com/archives/1047
MobiCash was born out of the need to develop a convenient, secure and affordable payment platform that will address the use of our technology to enable people who are not served by financial institutions to start using financial services without having to access [...]