Micro-payment & money transfer

The worldwide mobile commerce marketplace is growing rapidly, enabled by an increasing use of micro-payments and mobile money transfers. Mobile phone users register in advance for such financial services and from that point they can pay bills or transfer money directly with their handsets – following the appropriate mobile authentication procedures.

Micro-payments are financial transactions involving very small sums of money, which can be made using a mobile phone. Initially driven by purchases of mobile content, the growth in micro-payments is now shifting towards the purchase of everyday items such as car parking and cinema tickets and even at vending machines. At the same time that the use of micro-payments increases, money transfer or remittance services are also facilitating access to financial transactions via mobile.

With the growth of such mobile-based transactions, it is important that 2-factor authentication procedures are in place to avoid fraud.  SMS Authentication via SMS using OTPs (One Time Passwords) is perhaps the best solution available for the verification of micro-payment and money remittance. Users are provided with time-restricted dynamic passwords sent via text messages, which are subsequently used to verify identity and validate the transaction.

SMS authentication offers an added layer of control and security when users make any type of mobile or online transaction. With secure transactions in place, users have the peace of mind they need to trust in e- and m-commerce organisations.