Coming to France via the eCommerce Paris 2011 trade fair, is another mobile payment option for landlines and mobile phones alike. Buyster, which has approval from Banque de France, will launch next week. Based on the growth of mobile phones and eCommerce alone, the payment solution hopes to provide a more secure option for transactions made via the Internet for mcommerce purchases. The service will be available for over 50 million users and will allow payments to be made from home, over the internet or from any location. The solution will ultimately protect the buyer bank card information and put one more buffer between users and criminals trying to steal information.
Basically, Buyster will offer an option to tie your bank card to a mobile number and from there you will be able to buy things on the Web, or otherwise, without having to send your bank information to the seller. With more and more credit card information being hacked and sold, this type of option would provide a more secure environment for customers. Adding another layer of security would reduce the risk of that valuable information getting into the wrong hands.
The rise of mobile phone use only makes this solution a more obvious route to go down. More users are on their smartphones, using apps to find the best deals and now they can actually make the purchase at the same time. Making “mCommerce” an easier option to use will take some of the load of eCommerce web sites that have to process a lot of Web traffic each day. If they can simply get order information without the bandwidth on their site, resources will be freed up in the long run. Buyster has over 30,000 e-tailers lined up for the launch next week. The Buyster system also has 4 payment providers lined up and they include, Mercanet, Paybox, Payline and Sips.
On the flip side of the coin, the e-tailers will also benefit from this mobile payment solution in the following ways:
- an improved conversion rate thanks to its ease of use and customer route on all mediums and in particular for mobile phone purchases;
- a payment guarantee which protects against the risk of chargeback thanks to a stronger authentication using the mobile phone;
- significant potential for additional customers and sales using a reassuring payment service by alleviating one of the major obstacles to Internet purchases and a sales promotion system reaching 50 million mobile devices;
- mCommerce finally becomes accessible thanks to a unique operating mechanism on the market
