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The growing online shopping market presents opportunities
for merchants to increase their revenue. However, the
lack of payment options in countries with low uptake
of banking services is often a barrier to purchases.
eServGlobal’s eMoney, part of the Payment Suite,
can be used as an alternative payment option.
Paying online using a mobile phone is very simple.
When a customer is online and wants to make a purchase,
they proceed to the check-out page and enter their mobile
phone number on the site, similar to entering a credit
card number. But instead of sending a request for validation
to the credit card company, the site sends an SMS message
to the customer, who then enters their personal identification
number into the phone to validate the payment request.
This double validation (bi-channel authentication) makes
the payment method even more secure than credit card
payments, and can almost entirely eliminate payment
fraud.
This payment scenario has the benefit of using existing
SMS technology, with which customers are already
familiar. An alternative method of securing transactions
is available, which uses an audio signal between
the phone and the computer. The drawbacks of mobile
payment include slow uptake with an older generation
of customers, and the fact that it is not widespread
across operators.
However, eMoney provides the first real alternative
for credit card payments online. Already used to pay
for digital content, mobile payment may in future be
used for all forms of payment or money transfer.
Please contact us at info@eservglobal.com
to learn more about eServGlobal solutions and our great
field experience.
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