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Thursday, May 5, 2011

DigiMo promises 'true mobile payment solution'

Mobile payment system provider DigiMo has announced a new platform that provides what it describes as “the first true mobile payment solution”.

The service can be offered by online companies, credit card providers or mobile operators. Consumers would simply register for the service online, providing their mobile phone number and payment details. They’d then be given a PIN to use when paying at participating retailers.

DigiMo’s technology requires no hardware or software modification, neither at either the Point of Sale nor on the mobile device itself. It’ll work on feature phones and smartphones.

Yossi Yarkoni, CEO of DigiMo, said “Over the past decade, numerous attempts have been made to launch a wide-scale mobile payments service. Up to now, no agreement existed regarding the technological standards and business model, due to heavy investments associated with the implementation. We’ve avoided this by developing an independent system that works at virtually any point-of-sale, replacing cash and credit cards with mobile handsets.”

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