Page 12 - All the 12 payment enabling technologies

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

10