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?

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.

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 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.  

The mobile phone is the 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.

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.

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.

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. 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.

Ecommerce 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.[1] Faster and less tedious transactions will reduce this percentage, thereby contributing to an even more flourishing e-commerce economy.  

 [1] Statistics of online shopping cart abandonment range from 25-75%. See: http://onlinebusiness.volusion.com/articles/understanding-the-causes-of-shopping-cart-abandonment.

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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.

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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?

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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.

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