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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."
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