MasterCard unveils mobile payment platform
MasterCard has partnered with Oltio, formerly MTN Mobile Money SA, to introduce a mobile payment platform.
MasterCard Mobile lets MasterCard and Maestro cardholders make online purchases using their mobile phones. According to the company, consumers can use the platform to make secure online purchases with their PIN-based debit, cheque or credit cards by linking these to their mobile phones.
According to Anna Jones, GM SA, MasterCard Worldwide, to use the service, cardholders must select the MasterCard Mobile option on participating e-commerce sites. First-time users will be prompted to register their cards. According to her, this is done on a secure site, with users entering their card details as well as their mobile phone numbers.
Jones says that, after this registration process, the cardholder's mobile phone number is used to initiate payments. After initiating payments with their mobile phones, consumers are prompted to authorise these payments by entering their PINs into their mobile phones.
Jones argues that the platform will give users peace of mind because they no longer need to share their card details with online retailers. She explains that this information is securely held by MasterCard Mobile, which verifies and concludes the consumer's payments. “The MasterCard Mobile solution does not levy any additional fees to the cardholder and, unlike EFTs, the payment is made instantly,” she adds.
The company says MasterCard Mobile is currently being piloted, with a view to roll out the platform to most local e-commerce sites in the near future. The platform is also being used for MTN airtime purchases, the company adds.
MasterCard Mobile can also enable person-to-person money transfers and can be used at offline stores that are MasterCard Mobile-enabled, according to the company. However, it says, this service is not yet available in SA.