Page 12 - All the 12 payment enabling technologies
P. 12
SMS/USSD, Mobile internet
A patent-pending technology, MST is similar in nature to that used in inductive charging. The technology basically
involves transmission of mag-stripe data stored on the mobile device to the magnetic stripe reader at the POS terminal.
The device’s transmitter is used to send the mag-stripe data over-the-air to emulate just a normal card swipe
How it Works Companies involved
User sends a payment request via text message and
the charge is added to user's mobile phone bill or
online wallet
Use Case
Payments, funds transfer, bill pay, top up
Strengths
Easy to use & cheap; user doesn't have to enter
bank/card info; no personal/account data is transferred
Weaknesses
Functionality is limited due to technology
Security Risks
Limited security risk
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