|
|
 |
|
 |
|
|
 |
|
|
| |
|
|
 |
mWallet
|
|
|
|
|
|
|
-
Is an innovative, first of its kind solution that transforms
the normal GSM phone into a secure PIN-based ATM machine in the hands of every customer.
-
mWallet provides bank customers with all the services normally found on the bank’s
ATM machine, directly on their mobile phones .
|
-
With mWallet, bank clients can carry out any number of cashless card transactions
(both debit and credit cards).
-
mWallet uses the ATM technology to allow for secure mobile banking, secure m-commerce
and secure mobile payment.
-
mWallet is a Java application that runs on most phones available today (Java enabled
or pocket PC).
-
mWallet has menu-based, transaction-based user interface that integrates seamlessly
with the menus of the mobile phone.
-
mWallet has a multi-lingual user interface, including Arabic.
-
mWallet has global coverage.
-
mWallet is downloaded over the air.
-
mWallet supports application update to accommodate more services and functionalities
over the air, like new prepaid card brands, new bills…etc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Bank Account Access
- Balance Inquiries
- Real-time transaction capabilities
- Money Transfers
- Bill Payment
- Purchase of prepaid cards & Mobile Top-up (recharge) cards
- Person-to-person payment
|
|
|
|
|
|
|
|
|
|
|
|
|
-
mWallet utilizes and enforces the Iinternational Banking Security Standards and
the ISO 8583 protocol for card payment transactions.
-
mWallet is based on the Two-Factor authentication concept. Two Factor Authentication:
Something that you have (cell phone) and something that you know (PIN code). Moreover
OTP might be used as an added security factor.
- Access control: Protects against unauthorized use (by the use of PIN)
-
Authentication: Provides assurance of someone's identity, using two factor authentication
(PIN + Cell-Phone possession)
-
Confidentiality: Protects against disclosure to unauthorized identities (built-in
into the GPRS/GSM network)
-
Integrity: Protects from unauthorized data alteration, by performing a MACing of
the sensitive transaction details, and signing the transaction MAC using the PIN.
-
Non-repudiation: Protects against the originator of communications later denying
it. By means of auditable standard evidence that the specific PIN coupled with the
specific Cell-Phone were involved in the transaction.
-
To make a transaction, the user must enter his PIN number, which is then encrypted
and verified to authorize the signing of an order.
-
The user does not need to reveal any credit-card or payment related information
to any other party.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Displacement of transactions from more expensive distribution channels; Electronic
transactions have the lowest costs (90% Cheaper).
- Elimination of fraud costs, charge back risks and costs since all transactions are
PIN-based.
-
Provides a secure, menu-based and user friendly alternative to the non-secure SMS
payment solutions.
-
Dramatic reduction of the enormous costs of deploying extra reachable ATM machines.
-
Significant cut down of call center costs.
-
The ability to offer existing customers additional value-added services by improving
their access to, and control over, their financial information; .
-
Non-repudiation: Protects against the originator of communications later denying
it. By means of auditable standard evidence that the specific PIN coupled with the
specific Cell-Phone were involved in the transaction.
-
Opportunities to enthuse market to recruit new customers from the growing mobile
subscribers base, particularly the youth market.
-
Opportunities to cross-sell up-sell the bank’s other complex banking products
and services such as vehicle loans, credit cards etc.
-
Nothing physical needs to be sold to the customers. It is all secure software that
gets downloaded over the air on almost any mobile phone today.
- Application can be expanded to accommodate more services over the air.
|
|
|
|
|
|
|
|
|
|
|
|
|
- True convenience; Anywhere, Anytime & to Anyone.
|
|
- Ultimate transaction security; 2-Factor Authentication
|
|
|
|
|
|
|
|
- Ultimate ease of use through rich transaction-based client user interface.
|
|
|
|
|
|
|
|
|
|
|