Mobile application developer Masabi has entered an agreement with mobile payments provider Mi-Pay for the development of a mobile transaction system which allows for mobile payments in the rural regions.

Dubbed the Street Vendor, the system enables mobile operators, banks and other retailers to provide services in such regions without further investment in infrastructure or hardware and by making use of their existing mobile phone base. The application integrates Masabi’s EncryptME system, it is compatible with many standard handsets and does not require smartphones or 3G and GPRS connectivity. Street Vendor meets international anti-fraud and money-laundering requirements. The mobile money transfer services provider Saraf Mobile is already making use of the application and future rollouts are planned in regions across the Middle East and North Africa. The application will also be updated with new features, including support for utility payments, direct debit setup and micro loans.