V-MAC also allows consumers to shop online and in stores, carry out bill payments and money transfers between accounts as well as make cash withdrawals. V-MAC uses a one-time password authentication system to complete transactions. Customers receive authorisation codes by employing a PIN they are assigned when signing up for the mobile banking service.
Mobile BIS is rolling out this form of e-commerce by expanding its network of point of sale locations nationwide to include stores, shops and websites.
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