KDN on Wednesday launched what it billed as a “system which will set the pace for flexibility and security in financial transactions”. The gateway is a multi-channel solution which will turn mobile phones into a means of secure electronic transaction platform. It looks to solve the problem of phobia or non-penetration of cards in Africa.
The system which was launched is exactly what we predicted to be. It is the same system which the Spanish company is selling. The features are exactly the same though KDN CEO Kai Wulff says that its a KDN local creation which has not foreign input whatsoever. KDN did a demo during the launch using a virtual account instead of a live account and also the system needs lots of investigations still.
The payment gateway has 3 solutions;
- MobiWallet
- MobiPOS
- MobiATM
Mobipay uses Near Sound Data Transfer for its proximity transcations. The proximity transactions uses cryptosounds or highly secure sound streams to authenticate transcations. NSDT™ technology is a patented technology by Tagattitude and so Kai Wulff talk of it being a local development is neither here nor there.
For remote transactions, the system uses Interactive Voice Response (IVR) to authenticate payments.
For online transactions, the system handles IVR, Internet, Mobile payments and ATMs and even payments from banks. What a bank needs is just the POS which will be the authenticating device for the solution.
The system is fairly simple the problem is getting the solutions providers to accept it.
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