A unique and innovative cellphone payment solution is set to revolutionise the financial services market. Developed by Immediate Cellphone Payment (ICPay), a tenant at The Innovation Hub, the Mobile-ly patent and accompanying software switch, planned for roll-out in 2006, enables account-holders to conveniently and cost-effectively perform commercial and banking transactions.
Mobile-ly is a registered trademark in SA and is being patented internationally. It incorporates a multi-tiered approach to transacting value, enabling transfers from a primary account to up to eight sub-account holders. Account-holders benefit from greater convenience and reduced costs, while institutions issuing the account can grow their customer-base exponentially without additional administration and risk.
The product can be compared with a debit card. In collaboration with in-store card issuers, the ICPay technology will enable consumers to use their cellphones for any in-store purchase. The account-holder's cellphone is linked, through the software switch, to an account with a bank or the store.
ICPay is testing the Mobile-ly method with 60 spaza shop owners in Soweto and its factoring company. According to ICPay director, Ian Poalses, this development is aligned to one of ICPay's aims, which is to "effectively leverage technology in order to help people who are still trading in the traditional manner".
The functionality of the ICPay software has given rise to a number of potential sub-products. Among these is a mobile point of sale device for selling prepaid airtime, which has already gone into live testing and is expected to be available before the end of the year.
For more information on ICPay, contact Ian Poalses on +27 12 844 0090. Immediate Cellphone Payment (Pty) Ltd - http://www.icpay.co.za. More information available at www.theinnovationhub.com and www.fbsgroup.co.za.
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