M-Commerce applications may be a simple online recharge of a prepaid account using a credit card, or the purchase of a theatre ticket against a micro-payment on a user’s prepaid account, or the location-enabled selection and purchase of goods and services using a third-party settlement channel.
There will be issues to confront when the value of an online purchase exceeds the value defined by the business rules for the account, or when a network operator loses control of settlements to third parties. These are marketing problems which operators need to resolve with Novatti’s help.
The Novatti m-commerce system is built on the Novatti Mobile Payments platform and enables a mobile phone to become a secure transaction gateway. It creates a stored value account system that manages a “wallet” in a consumer’s phone that is reliable, accessible and easy to use.
Each m-commerce agent and consumer has an m-wallet provisioned on the system. Novatti m-commerce allows consumers to put cash into their wallets and get cash out of wallets using a highly diverse and expansive distribution network. Consumers can transact virtual cash between wallets and to external accounts which makes the system ideal for supporting micro-payments to pay for goods and services.
The Novatti m-commerce system will enable a Mobile Operator to act as a transport medium and the Mobile Payments Service Provider for financial transactions initiated by consumers via financial institutions, banks and other agents in order to pay for goods and services.
Mobile commerce promises a range of new services taking advantage of the always-on packet data streams of GPRS, and the messaging capabilities of SMS and USSD. Novatti’s first m-commerce application is the Novatti e-Top-up system which provides secure cash based top-ups in variable amounts, anywhere and at any time.