mChek (www.mchek.com), an innovator in mobile security and payments, today announced the commercial availability of mChek/Payment, its patent pending, inter-operable, on-demand, secure mobile payments platform. The company also announced that it has received the prestigious ISO27001 (formerly known as BS 7799) certification, an internationally recognized standard for Information Security Management.

mChek/Payment enables consumers to shop with their mobile phones in a convenient and safe manner, either across the counter or with remote merchants by bringing together the ecosystem of merchants/content  owners, banks and telecom operators. mChek also brings significant benefits to the entire eco-system, notably:

Ø       For banks, increased adoption of credit or debit cards, lower customer acquisition and operating costs, and increased customer satisfaction.

Ø       For telecom operators, increased customer retention, customer satisfaction, more efficient revenue collection and new revenue streams through commerce.

Ø       For merchants, fraud-free transactions and faster access to customers

"mChek/Payment has been designed to be compatible with existing banking industry processes for issuance, transaction processing and settlement of credit and debit cards," said Sanjay Swamy, CEO of mChek. "Available as an on-demand service built to ISO standards, banks and telecom operators can rapidly enter the exciting space of mobile banking and payments, eliminating the need for significant CAPEX investment."

The mChek/Payment on-demand platform is available in two options:

1. A service that enables consumers to easily link their mobile phone with their existing credit card without any software to be installed on their mobile, and subsequently transact on the Internet, call centers or over SMS.

2. A Java or SIM-card client-based service that allows either credit or debit cards to be used via the mobile phone, with remote or over-the-counter merchants.

"The key requirement in enabling widespread adoption of mobile payments is unambiguous support for 100% of the mobile handset universe, in the existing 2G  environment", said Sridhar Pai, CEO of Tonse Telecom, a leading industry analyst in the Telecom sector. "By providing support for all mobiles, mChek has made possible the world of secure mobile payments to the masses.”

Sourced From: 20 : 20 Media Pvt Ltd