Key Words & Concept

Bill Payment Merchants
Refer to large merchants where payment transactions are purely virtual via back-end payment instructions and settlement.

Consumer Initiated
A payment transaction initiated by a consumer, as opposed to merchant initiated. Mobile payment solutions are generally consumer initiated if it is to fully exploit the mobility and connectivity power of the mobile phone.

Consumer Preference Engine
mPayment's consumer interface allowing a consumer to link his key transaction information. Consumer can also indicate his preferred payment record eg email, SMS, FVR, whether he like to receive payment reminders and/or promotions from merchants. Consumer may also register as a payee for peer-to-peer payments by providing key transaction information.

FVR
Formatted Voice Response is an innovative adaptation of Text-to-Speech ("TTS") technology allowing an issuing bank to call-back a phone user to confirm payment instructions and receive PIN challenge authentication. It has the same security level as IVR phone-banking accepted by banks but greatly reduce cycle time and on-line entry errors common in IVR.

Formatted SMS
Formatted Short Message Service allowing phone users to key in several fields of information such as merchant, amount and other key transaction information off-line. An off-line formatted SMS works on every phone, greatly reduces on-line errors, cycle time and costs.

IVR
Interactive Voice Response used in tedious phone-banking requiring long cycle time and prone to on-line entry errors requiring re-entries or process restarts. Most do not consider IVR per se a mobile solution.

Micro-Payment
Low monetary value transactions, below $500 in the case of NETS Virtual Card.

Merchant Initiated
Payment can be initiated from a POS merchant's EFTPOS (electronic funds transfer at point of sales) terminal. This is not a mobile payment solution per se though it can be enhanced with a FVR solution. It is a limited merchant device dependent solution. Nevertheless it is a good solution in the right context.

Merchant Configuration Engine
mPayment's merchant interface allowing a merchant to link his unique transaction information. Merchant can also indicate his preferred payment record return path eg email, fax, FVR, and requests daily or shift transaction records for account closing.

Multi-mode e-Purse (mPurse)
mPayment's stored-value virtual account micro-payment solution. Multi-mode direct debit mPayment's payment solution allowing direct debit from his issuing bank to a merchant's acquiring bank using an innovative combined payment instructions & FVR technology.

Multi-mode Credit (mCredit)
mPayment's payment solution allowing credit payment from his credit card issuing bank to a merchant's acquiring bank using an innovative combined payment instructions & FVR technology.

Multi-mode Peer-to-Peer (mP2P)
mPayment's payment solution allowing direct debit or credit card peer-to-peer payment from his issuing bank to payee's acquiring bank using an innovative combined payment instructions & FVR technology.

POS Merchants
Point-of-Sale merchants where mobile payment transactions are virtual payments for a physical transaction of goods or services. Examples of POS merchants include salons, restaurants, boutiques, florists, clinics, petrol stations etc

Server Initiated
Payment reminders and merchant promotions can be initiated from the Merchant Configuration Engine. This is a powerful mobile marketing implement to catch consumers "call-to-action" purchases and also offer great convenience to consumers as they can receive timely reminders of bills, fines etc and can make payment at that instant.

Telco Post-Paid Solution
mPayment's mobile micro-payment solution allowing certain types of payments to be billed to the phone users monthly mobile phone bills.