Smartnet Ltd's Mobile Smart Payment (MSP) system is a first in the world of technology. MSP allows for banks to provide their clients with the ability to make transactions directly from their bank account to registered merchants, using nothing but their cell phone. Any cell phone that can send SMS messages can be used. The MSP is a very simple process, and makes purchasing easier and more secure.
To be enabled for MSP use, clients go to your bank and register for the MSP system. Their name, phone number, and a picture of are registered. They are now enabled to make payments from your bank account using their cell phone. Now, they can go to a merchant that is also registered in the MSP system, let's say, a local grocery store. They initiate the transfer by entering the amount they wish to pay followed by the merchant's unique ID (a several digit code).
At this point the merchant receives the transaction, as well as the registered image. This image is used to validate that the client is really the owner of the cell phone. If someone steals their cell phone, the image won't match, and the merchant will know the phone is stolen.
The merchant replies with a simple yes or no, authorizing or cutting off the transaction. If the transaction is authorized, the transfer is initiated, the money transferred, and a confirmation message with your new balance sent to the client cell phone.
The MSP system also includes an extremely simple balance check system. By texting balance to a certain number, clients can receive an sms reply with their current balance.
The MSP system is the only one of its kind. It is secure and compatible with all cell phones. No smartphone required, or any special hardware in the bank's end. For more information on the Mobile Smart Payment system, contact us using the form on the right.