ANHL has completed the negotiations to acquire the rights to use the iPayu technology from iFinancial Systems, a privately-owned banking and payment software company.
iPayu is a payment system that uses the mobile telephone and SMS messaging to initiate small value payments and transfers. iPayu processes electronic vouchers that can be redeemed at registered merchants either over the Internet or at an attended Point Of Sale using the mobile phone for confirmation in both cases.
Barry Fludgate, NMTV's CEO-designate, commented: "iPayu will be placed in our payments division along side WebPay. This not only strengthens the company's offering in the payments area, but allows us to be flexible and innovative. A section of our media division will obviously concentrate on the teenage market; we can now begin to offer payments via their mobile phone and that example only represents the first application."
International Financial Systems with over 21 years of services to banks, credit unions and financial institutions worldwide will continue to provide the technical infrastructure to support iPayu and the payment system.