MP@Y: Secure Electronic Commerce
MP@Y is a fully fledged mobile commerce system that interfaces with Financial Services companies to enable subscribers to do mobile banking and pay for goods and services. MP@Y is fully secure with diversified keys stored on the SIM card and end-to-end security up to the Financial Services company’s internal systems.
The MP@Y solution uses SMS and USSD to enable subscribers to securely communicate with their financial service providers using their mobile handset and SIM card. The system can connect to multiple MNOs and financial institutions to provide a full national solution for mobile commerce.
Services include banking transactions such as balance enquiry, mini statement, funds transfer, as well as commerce transactions such as bill payments, airtime purchase and person-to-person funds transfer.
Features
The following are the key features of the MP@Y system:- Subscriber management. Functionality to enable or disable the service for any subscriber, or to enable only certain activities of features of MP@Y per subscriber;
- Security and Authentication. The MP@Y system provides security at both the hardware and software level with two way authentication of the subscriber. The security architecture can be tailored to suit the requirements of the country of deployment;
- Push and Pull messaging. The subscriber can initiate a transaction or request information from the bank at any time. In addition, information can be scheduled to be pushed to the subscriber on a regular basis;
- Thresholds. Thresholds can be set for each transaction. These include the maximum transaction amount, the maximum value transactions per day, frequency of the same type of transaction per day and value range per transaction type;
- Fraud Management. The System includes a Fraud Management module that helps to limit the risk exposure of the Bank. The system includes a rules wizard that allows the bank to configure fraud rules and velocity parameters on an ongoing basis;
Advantages To Mobile Network Operators
The MP@Y solution provides several advantages to MNOs:- Increased revenue as a result of increased use of the MNO’s messaging services;
- Customer loyalty is assured as the system makes electronic transactions more convenient for subscribers;
- A commerce platform is deployed that enables the addition of further services requiring financial payments at any time.
Advantages To Mobile Subscribers
The MP@Y solution provides the following advantages to subscribers:- Saves time as the subscriber is not required to go to bank for regular activities;
- Convenience of paying bills while on the move anytime, anywhere;
- Increased convenience through a secure, real time and paperless transaction;
- Ability to maintain electronic records and access to other value added services;
