Under The Radar reports about a Mobile Payment application that will let users buy just any thing using their mobiles. Unlike other solutions, no valuable information stored on the mobile. So nothing to worry if your mobile is lost or stolen.
PayWi is a nifty little application that lets you make all kinds of purchases and financial transactions from your mobile phone. Not just to buy mobile services and applications, but any kind of retail or online purchase. And itâ€™s not just limited to purchases. Users can make other financial transactions, like allocating funds, all through their phone. The transactions are secure and link users directly to credit and bank accounts, allowing real-time monitoring of transactions. Since no personal information regarding the transfer lives on the phone, a lost cell phone isnâ€™t an instant calamity.
The list of benefits to the user is a long one. Users can make retail purchases without ever showing a credit or debit card. They can monitor and share restaurant tabs in real time and instantly pay the bill. Heads of household can establish family sub-accounts and monthly allowances for shared users. Users can even make payments toward monthly bills, either automatically or manually.
Consumer information is stored on the companyâ€™s secure servers. A transaction is initiated by users giving merchants a PayWi account number. The financial information is then transmitted securely to a designated bank or credit card network. PayWi provides an extra layer of consumer control and security by requiring authentication from the mobile handset before transaction execution.
[tags]paywi, mobile-applications, mobile-commerce[/tags]