MobiCash’s technology partner is French company Tagattitude, which has developed a trademark authentication technology dubbed Near Sound Data Transfer (NSDT). The latter enables contactless mobile payments by transmitting an electronic signature, one time password and cryptographic key via a mobile phone’s audio channel.
Customers looking to employ the MobiCash service must first register for a MobiCash account by calling a pre-defined number from their mobile phones. Once they have registered, they can access their client space on www.mobicashonline.co.za and load money on their account using a bankcard. Accounts can also be credited directly at participating merchants using any accepted payment method.
To receive customer payments, merchants equipped with MobiCash’s Payment Terminals (MobiPads) input the due amount into the devices; customers then input their mobile phone number and assigned PINs on the terminal keypad, then touch their phones to the MobiPad payment terminal to electronically sign and confirm the transaction via the NSDT technology. Transactions are confirmed by SMS, vocal-message, email, or printed receipt.
MobiCash is planning to create an African Payment Network with points of presence in all major African cities. A fully operational Pan African Payment Network will allow African nations to link directly with each other, rather than having to switch through one of the major US or European hubs.
MobiCash has established a foothold in Africa via a number of joint venture agreements with partners in South Africa, Namibia, Angola, Botswana, Zimbabwe, Swaziland, Mozambique, Tanzania and Rwanda.
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