Vodafone and Brokat Technologies have signed an initial 10.5 million euro agreement aimed at turning mobile commerce into a reality. The agreement is intended to improve secure mobile payment capabilities for many of Vodafone`s 85 million worldwide subscribers (proportional base).
Based on Brokat Technologies` user-centric mobile payment software PaymentWorks, the deal will enable Vodafone to offer its customers secure, fast and easy to use payment services.
Vodafone`s customers store their personal details in a virtual wallet and use this to pay for goods and services via their mobile phone. The wallet can also be used as an identity card. The key benefit is that information is stored on the wallet server, eliminating the need for customers to input their details at every transaction.
Brokat Technologies will work with Vodafone initially in countries across Europe, including Germany with D2, in Italy with Omnitel, and with Vodafone in the UK.
"This is a fantastic opportunity that clearly demonstrates that Brokat Technologies is executing its user-centric strategy," says Stefan Roever, CEO and co-founder of Brokat Technologies. "Partnering with Vodafone gives us the chance to become world leaders in the development of new user-centric software, that will make mobile commerce services available worldwide."
Country manager of Brokat Technologies SA, Cliff van Tonder, believes that the immediate benefit for local users of the technology lies in empowering the considerable segment of the population which, though largely unbanked, have access to mobile phones.
"It shows that mobile payments are moving from a niche market; [the deal] bodes well for mass adoption of mobile payments.
How soon the technology will be implemented locally is a matter of how fast local networks will want to adopt it, says Van Tonder.
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