Mobileway authenticates mobile payments via SMS
15 July 2002 | 3522 views | 0
Mobileway has launched Mobile Transaction Tracker - a new interactive platform to authenticate macropayments conducted by mobile consumers.
The solution is designed for issuing banks as a cost-effective way to authenticate their cardholders via their mobile phone for a range of high value payments. These include SMS or telephone orders, utility bill payments, fund transfers and stock trading services.
The Mobile Transaction Tracker employs two-way messaging technology to enable consumers to validate a transaction on their mobile phone. For each new transaction, a unique service number is dynamically allocated in order to originate the message sent to the consumer and track the response from the consumer. To confirm the transaction, the consumer then hits the 'reply' button.
Carles Guillot, head of business development for mobile commerce & advertising at Delaware-headquartered Mobileway, comments: "SMS functionality exists in the vast majority of the world’s mobile handsets avoiding the need for device upgrade or SIM card adaptation, consumers are already familiar and comfortable with the technology, and the capability exists for issuers to seamlessly reach the vast majority of their cardholders via SMS through one connection to Mobileway’s global network."