Nexage Launches mCash mobile payment solution - New Products & Services - Brief Article

Wireless Internet, Jan, 2002

Nexage, an e-business software and services company, announced the launch of mCash, a mobile and virtual payment card solution for wireless carriers, banks and merchants.

Wireless customers can use their phones and mobile devices to pay online and offline (brick & mortar) merchants, vending and ticketing machines, and other phone users. Nexage's mCash micro- payment system is highly secure, convenient and cost effective compared to other online payment systems currently available.

mCash is a high-volume secure virtual payment solution for traditional commerce, e-commerce and in-commerce transactions. It allows for one-touch mobile payments over the Internet, in retail stores or at the vending machines. It is a perfect solution for micro payments traditionally paid by cash.

Wireless carriers can offer mCash as a mobile payment solution to their customers. Grocery and convenience stores can use the mCash system to issue virtual payment cards. This would allow them to reduce the time customers spend in line at the store and offer an alternate form of payment that is very cost effective. Banks can offer mCash service linked to customers' bank accounts. This allows customers to use their mobile device to make payments anytime, anywhere and paves the way for new sources of income for service providers.

The mCash system operator would allow customers to open a deposit account. Customers will then access these accounts from their mobile phones and pay for various services in the same way they would use a regular payment card to pay with money withdrawn from their bank or credit card accounts. The mCash platform allows the operator to facilitate, collect, process and clear payments and transactions between customers and merchants.