UK mobile payments start-up Telsecure has teamed with business and technology consultancy Generics Group to develop securePay, a front-end payments system that provides three-factor authentication for credit card transactions.
SecurePay can be modified to overlay on existing mobile network and merchant Eftpos devices, without the need for architectural changes to transaction systems or mobile networks.
Telsecure says unlike 'chip and pin' systems, securePay provides security on 'card not present' transactions. The product can also be adapted to a range of payment systems, including the Internet, and can be used for both micro and macro payments. The system also enables firms to sell other services over mobile phones.
Mike Popham, managing director, Telsecure, claims that m-payments have struggled to take off because software has either been too complex for the consumer to want to use, or restrictive because of interoperability issues.
"The simplicity of the securePay solution, using technology available today and infrastructures already in place, bridges these issues," he says.
The Generic Group provided workshop and technical design services for the project and is also handling patent reviews. SecurePay will be showcased at Generics Group's office in Cambridge during its industry week, 20-24 October 2003.