Johannesburg, 19 Oct 2006
Nedbank has introduced a mobile phone-based payment software solution that allows merchants to process credit cards without needing a point-of-sale terminal.
Nedbank says the solution, dubbed iMPi, is aimed at enterprises that have a low volume of transactions and those that require mobility in their day-to-day business activities.
These include bed-and-breakfasts, lodges, passenger transfer businesses and mobile service providers such as plumbers, electricians, courier companies and small medical practices.
Nedbank iMPi is a Java application that is downloaded onto any Java-enabled mobile phone. The system is secured by a triple DES encryption - a method of encrypting information developed by IBM and passed as a standard in 1977- to ensure the integrity between the handset and the banking gateway.
Sydney Gericke, MD of Nedbank`s card division, says the product can be used with GPRS, SMS or voice commands.
Verification process
"Those applying for the product will undergo Nedbank`s verification process in order to qualify as merchants," explains Gericke. "Once registered, merchants will receive a unique software code and PIN to download software and begin transacting."
Gericke adds that no one will be able to copy the software or transact with stolen or lost mobile phones as the application is PIN protected. He adds that merchants can call the call centre and have the previous application deactivated in the event of cellphone theft or loss.
Nedbank maintains that credit card numbers are not cached in the software and the application does not show full credit card numbers.
"Small businesses will be able to process credit card transactions via their mobile phones without changing networks, or compromising the safety of transactions. A manual imprinter that enables the merchant to show proof of purchase will also be available for purchase," says Gericke.
Nedbank says iMPi will cost R120 per device and a once-off fee of R200 for the imprinter.
Share