FUNDAMO Initiative to turn cell phones into mobile wallets  

> Home Page > mcommerce > WAP > Security over WAP & Mobile commerce

May 24 2000

South African-based Fundamo today announced its new global initiative in the multi-billion dollar arena of secure cell phone based payments and transactions. 

Fundamo, an initiative backed by Sanlam, has developed the capability to deliver a working mobile payment solution to cellular networks using existing Phase 2+ compliant technology. This means the Fundamo solution can be used on both WAP handsets (currently in limited supply) as well as Phase 2+ compliant handsets (most of the cell phones sold today). 

This mobile commerce solution is comprehensive, fully developed and available from Fundamo for immediate deployment to cellular networks. In SA alone, the technology has the ultimate potential to convert the estimated 4,5 million SA handsets into mobile wallets with anywhere and anytime access to funds. 

The ability to use a mobile wallet to make secure payments from a cell phone is a significant advance on the traditional payment system because customers would no longer need to withdraw cash for transactions or make cheque payments by post. This initiative could significantly change the way people make payments and other transactions.  

Fundamo Chief Executive Hannes van Rensburg emphasises : "The Fundamo mobile wallet solution that we have developed, in conjunction with a group of management consultants and technology partners, is a completely open platform. Our intention is to urge all local and global mobile operators, banks and system integrators to use the Fundamo technology, thereby providing interoperability across different cellular networks." 

Support of the technology would allow cellular networks and banks to offer their customers "access-in-your-hand" convenience to a broad base of payment and transaction services. These customers could soon have access to their bank or credit card accounts via their cell phones, for example.  

The Fundamo solution complements WAP because customers can conclude their transactions using a separate data channel while a WAP session is in progress. 

Fundamo's mobile payment solution integrates seamlessly with the Internet and offers cell phone to cell phone payments, as well as bill presentation and cell phone payments at retail point-of-sale. 

Comments Neil Hinrichsen, Fundamo's Head of Strategy : "Fundamo will allow mobile operators and banks to move into the area of mobile financial transaction switching for consumers. The Fundamo solution provides networks with a new source of revenue by participating in the delivery of financial access. We see this as an important area of opportunity for banks and mobile network operators - as this clearly adds significant value to their customer bases." 

Implementation and support for the Fundamo solution will be introduced through a select group of system integration partners (management consultants and technology partners). 

Hinrichsen adds, "Our view is that system integration companies are ideally positioned to deliver a working solution to mobile network operators, banks, retailers and service providers." The Fundamo technology architecture will be available to system integrators at no charge. Hinrichsen points out that Fundamo mobile payments can also be integrated into existing e-commerce and call centre applications.  

"In essence," he says, "the convergence between financial and mobile services that international IT analysts such as Durlacher, Forrester and Gartner have forecast for a number of years, is available to mobile networks on today's mobile phones using Fundamo's architecture and current technology." 

Van Rensburg concludes: "Although we have focused our initial development in SA, we are in talks with multiple partners, financial services companies and mobile networks both locally and globally. Fundamo intends to become a leader in the arena of mobile payment and transactions technology, based on mobile devices such as cell phones, and we expect to make further announcements shortly."



Latest M-Commerce News:
Nokia Chooses Loudeye as Mobile Music Partner
Proprietary operating systems dominate mobile
Mobile transactions offer steep growth potential says report
Mobile content shows revenue promise says Nokia report
Symbian to dominate mobile phone OS market
Simpay signs processing agreement
Handheld shipments down in first quarter 2004
Hard drives in phones not soon, says IDC
Mobile Commerce Has Taken Off, Study Says
The Mobile Alliance renames itself the Starmap Mobile Alliance
SIMPAY Mobile payment platform announces first product
Premium rate SMS for the Americas
New Camera Chip Sensor For Camera Phones
LG Electronics licenses Symbian OS for smartphones
Industry launches Mobile Content Rights Management group - CMLA
T-Mobile International and Sony Music sign mobile content deal
MATERNA launches ringtones for German fixed SMS users
Spain gets super large 128k SIM cards
Canon & Epson and HP launches camera phone printing initiative
Plan to Wireless-equip 10,000 US Vending Machines
Mobile Payments For Flight Bookings In Norway
O2 UK launches mobile music download service
SMS card makes m-commerce a reality in Philipines
Greek GSM users get large 64K SIM cards
Philadelphia Police's new mobile data terminals have Worm bug
East Japan Railways launch mobile ticketing
T-Mobile's Mobile Wallet Upgraded
mmO2 alliance seeks French, US and Greek connection
Sony Ericsson tests Mobile Online Multiplayer games
US networks face lawsuit over locked mobile phones
Europe to set up Network and Information Security Agency
Peppercoin positions for micropayments boom
NTT DoCoMo trials contactless payment
World's first significant survey into the attitude of retailers towards m-commerce
Microsoft & Vodafone collaborate
Radicchio to submit mcommerce & security standards to Liberty Alliance Project
Pay for parking with a cell phone
Philips and Visa team up to promote contactless payment
No major growth expected in Western European mobile banking
Turkey gets mobile payment service
Foundation of WLAN Smart Card Consortium
Portable credit card swipe machine ported to CDMA2000
Telco giants team for m-commerce association
Data services in the UK grow 75 percent
M-commerce Chargeback System Launched
T-Mobile, Nokia and NEC join Mobile Payment
New mcommerce payment platform launched
Cellenium & Coke Switzerland Launch Wireless Intelligent Vending Test
Ingenico Launches Elite 790 Wireless Point of Sale Terminal
Vodafone trials m-commerce payment system
DoCoMo to offer cashpoint access via mobile phone
Mobile firms claim e-money laws threaten m-commerce
Operators Creating Wireless Payment Scheme
Mobile Payments Set to Soar - Study

First GSM-CDMA Roaming 

Ericsson Signs Licensing Agreement With LG

Wireless Data Increasingly Important - Yankee

PayCircle Develops Mobile Payment Standards
Motorola Seeks To Create Mobile Food Court
Mobile content more successful than PC content
Video Messaging to Fuel Camera Phone Surge

Yankee Paints Bleak Picture Of Mobile World 2002

Siemens -Customer Key To Boost Mobile Strategy

3i, Accenture, Nokia, and Sampo set up financial software company - Meridea
Hongkong Post Launch Mobile e-Cert Service In Hong Kong
GPRS To allow billing Vendors to Break Into New Accounts
Nextel/Motorola Show New Java Capabilities For Mobiles

eSignX Awarded Key Wireless Transaction Patent
Visa Launches Mobile 3D Secure for m-commerce security

Nokia introduces 6310 with m-wallet
Card Providers Demo Java SIM
Mass market ready & waiting for m-commerce- Nokia
Analysts Changing Their Tune on M-Commerce
Unisys and Mint Enable Mobile Payments
Lufthansa New WAP Checkin
Mobile Commerce? Will it Fly in the U.S. and Europe?


Latest M-Commerce Technical Info:
The Mobile Alliance renames itself the Starmap Mobile Alliance
:: SIMPAY Mobile payment platform announces first product
:: Mobile Content Rights Management group - CMLA
PayCircle Develops Mobile Payment Standards
:: Meridea - new mobile financial services company
:: Mobile Commerce Overview
:: MeT (Mobile Electronic Transaction)
:: MeT Draft Specification  
Fundamo enables m-commerce globally
:: Mobey Forum for m-commerce

M-commerce Security
:: Visa Mobile 3D Secure
:: Security over WAP & Mobile Ecommerce
:: Radicchio for wireless security
:: eSign mobile digital signatures initiative
:: MEST digital signatures initiative
:: Wireless PKI for WAP Security

:: All the WAP info you require!
:: WAP Technical Details
:: WAP-enabled GSM mobile phones
:: WAP-enabled web sites
:: New syncML WAP spec
:: Download WAP Software
:: WAP-enabled GSM mobile phones
:: SIM Application ToolKit (S@T)
:: Wireless Internet Gateway SMS browsing
:: OnLine WAP Browser


Buy Motorola Phones

Click HERE to buy a Handspring Visor NOW!

New! Must be seen....