Taken from the GSMA’s State of the Industry Report (SOTIR) on Mobile Money
The modern mobile industry is only a little over 30 years old – the mobile money market barely a decade. Yet the power of that mobile device to change habits and revolutionise the way we live is both breathtaking and undiminished.
The GSMA released a report this month that showed there are now more than one billion mobile money accounts active in the world. What’s more, the mobile money industry now processes some $2billion every day. And although much of the GSMA’s focus regarding mobile money is to help bring banking facilities to parts of the world that traditional banks do not serve, a growing proportion of the transactions are now merchant-based, and some 57 per cent of the transaction value is now digital.
Across the world, people pay for services by phone, pay in stores by phone and gift money to friends and family by phone. The phone is increasingly being seen as a safe and secure way to pay for goods and services. And in the socially distanced world we currently inhabit, tapping a phone to make a payment is regarded as a more secure method of contactless payments.
GSMA
We recognised the potential and power of the phone in this area more than eight years ago. Our first patent for a secure, token-based, transaction using a mobile phone was lodged back in 2012. We now have that patent, and related ones, in multiple countries around the world, including major markets such as the USA, China, Russia and the UK.
What’s more, contactless payments via a mobile phone using our Onescan process, do not have to be restricted to any low-value limit. And when we say contactless, we don’t just mean arms-length – you can be in anywhere in the world.
Onescan works by using the smartphone’s camera to scan a unique tokenised and specially generated QR code. The code can be displayed on any screen, printed on a label or within a magazine. Once scanned Onescan immediately opens a transaction page on your phone’s screen that shows exactly what you are buying and allows you to use a PIN or biometric to authorise the purchase. It is a simple to use, encrypted, secure end to end transaction. It generates a receipt but does not store any additional payment details on your phone.
With the European Bank pressing ahead with its PSD2 changes and introducing new rules for strong customer authentication of payments and transactions above €30, Onescan not only meets those regulations, it is in tune with the direction of travel that sees the mobile phone as a secure focal point of information exchange – not just for financial data but for access control systems, identity verification, and a host of other applications.
To find out how ensygnia’s Onescan solution can help your business take advantage of the power and security of the mobile phone, click here.