| |
| |
Media Center
Press Releases | Press Articles 2007 | Press Articles 2008
FutureBazaar.com, Indiatimes.com, SifyMall.com & Yatra.com introduce mChek mobile payments solution
Bangalore, November 05, 2007
Shop online and pay from the convenience of your mobile phone!
mChek provides a safe, smart and simple way for the users to make payments using their mobile phone and a credit card.
mChek, an ISO27001 and PCI-DSS certified company specializing in mobile security and payments, today announced that leading e-Commerce and travel portals, FutureBazaar.com, Indiatimes.com, SifyMall.com and Yatra.com have introduced the mChek mobile payments solution to enable a secure and express payment option for consumers. The service is initially available to all customers on Airtel with Visa or MasterCard credit cards and will subsequently be expanded to customers of other telecom operators as well as to debit card holders.
Internet Commerce has seen a rapid increase in India, accounting for more than 10% of all credit-card transactions; in particular this has been fuelled by the rapid growth of the travel segment. However a key concern being experienced by both merchants and consumers is in secure and convenient methods of payments. With the explosive growth of mobile subscribers, mChek offers a secure and convenient way to process payments using the mobile phone. The 200 million mobile subscribers in India are attractive potential customers for e-Commerce websites and travel portals.
mChek provides a safe, smart and simple way for these users to make payments using their mobile phone and a credit card. Developed according to global best practices in the Payment Card Industry's Data Security Standards, mChek allows consumers to do a one-time linkage of their credit cards to their mobile phone with a user-selected mChekPIN.
Once this is done, users can pay for goods on participating websites in two simple steps:
| |
| 1. |
Select the Pay by Mobile/mChek payment option on the participating website and enter their mobile number |
| 2. |
Authorize the transaction by entering their mChekPIN on their mobile phone |
|
Only after the mChekPIN has been successfully entered on the mobile phone does the customer's credit card get processed. Most importantly, the mChekPIN is never stored in the 'Sent Items' ensuring that no sensitive data is found if a mobile phone is lost or stolen.
"mChek is committed to leveraging the convenience and security offered by the mobile phone for enabling secure remote payments - a win-win for both consumers and merchants", said Sanjay Swamy, CEO of mChek. "Together with our launch partners, Futurebazaar.com, Indiatimes.com, SIFYMall.com and Yatra.com, we are delighted to offer unparalleled security and convenience to consumers and are confident this will enable consumers to shop more confidently on the Internet".
"mChek an innovative mobile payment solution is a new, quick, easy to use payment option that opens up a new customer base for FutureBazaar. Mobile phone usage in India is widespread, and mChek's solution gives customers an alternative to those customers unwilling or unable to use their credit cards for payment. We think this will make the purchase process even more painless and encourage online sales significantly.", said Mr. Sankarson Banerjee, CEO, Future Bazaar.
"India is the fastest growing telecom market in the world.", said Rajaram S., Business Head - e-Commerce, Sify Technologies Ltd. "Sify understands that convenience will continue to remain the 'core' proposition in e-commerce and with a growing telecom subscriber base, m-commerce is clearly the future of e-commerce. We believe that mChek has a very unique and elegant process for m-commerce and are very glad to partner with them towards taking our services to the mobile customer of tomorrow."
"mChek is a secure and convenient to use m-commerce solution. Indiatimes is looking to work with mChek in making m-commerce convenient and accessible to the rapidly expanding mobile consumers.", said Upen Roop Rai , Director, Times Internet Ltd.
"Express checkout is a key consumer convenience that we believe is achieved through mChek. Payment completion time is reduced as compared to existing modes of online payment since details being entered are less, at the same time it has added safety and security", said Mudit Khosla, Founding General Manager, Yatra.com.
About mChek
mChek (www.mchek.com) is an ISO 27001, PCI-DSS 1.1 certified m-Commerce company, funded by Draper Fisher Jurvetson. mChek has
developed several patent-pending applications in the areas of authentication, security and banking on the mobile phone. With
VISA International, mChek is engaged in a 500,000 user pilot for Visa Money Transfer on the mobile. mChek is working with leading
banks on m-banking, remote authorization and other projects. mChek brings the eco-system of telecom operators, banks, merchants and
consumers together in a cohesive, win-win manner. The mChek service is currently available to customers on AIRTEL in India and Dialog Telekom in Sri Lanka.
For more information, visit http://www.mchek.com or write to [email protected] or call +91-80-41795900.
|
|
| |
|
|
| |
|
|
|
|
|
|
