SINGAPORE, 17 SEPTEMBER 2009 - Software vendor M-Com has unveiled its mobile payments solution BankAnywhere, which uses Microsoft technologies.
According to M-Com, the platform provides best-practice security and risk management capabilities. The idea is to allow banks to effectively manage the exposure of their brands and services in the emerging market for mobile technology.
Since it is a fully integrated solution, it reduces the total cost of ownership (TCO) for the mobile channel for banks, claims M-Com, who is a Microsoft Gold Certified Solution Developer. BankAnywhere uses Microsoft technology such as Windows and Microsoft SQL Server, as well as Internet Information Services (IIS).
Financial institutions are looking to use mobile payments to replace cash-dominated lower value payments to generate new revenue streams. This is important for banks and retailers, as cash handling is both expensive and poses a security risk.
While the cost metrics associated with processing checks and cash payments vary substantively across jurisdictions, financial institutions, and payment types, electronic payments, including those carried out through mobile phones, have a direct positive impact on for the cost structures of payers, payees and financial institutions alike.
Also, the growing ubiquity of mobile phones and their increasing multi-functional capabilities make these devices a compelling candidate for replacing a physical wallet.
It is clear that consumers in Asia and around the world have an insatiable demand for mobile financial services, especially payment transactions, said Adam Clark, chief executive officer of M-Com. Banks must engage their customers and prospects in the mobile channel in the short term to ensure they profit from sustainable revenues and key customer segments that are adopting these services.
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