Belgian payments network Banksys is teaming with wireless network operators Base, Mobistar and Proximus to launch a system for consumers to pay for high street purchases via mobile phone rather than by cash or bank card.
The service will be accessible to customers that have a Bancontact/Mister Cash bank card and own a mobile phone equipped with a SIM card enabled for Banksys' proprietary m-banxafe technology. Participating merchants must have a Blegian bank account and be a customer of Base, Mobistar or Proximus.
Customers using the service will receive an SMS outlining details of a transaction from the merchant. The customer then confirms the payment using a password. Both the merchant and customer receive a text message confirming the transaction.
Network operator Mobistar says the system will enable customers to use their phone to pay for purchases securely at any time and subject only to the same limits as their existing bank card.
Each transaction will be billed at 25 cents including VAT to the customer and 49 cents excluding VAT to the merchant.