Mobile payment is ready to launch. At the International Consumer Electronics Fair IFA in Berlin, XCOM's mobile payment solution "eGeld" passed its first stress test in Germany. During the first 4 days more than 1.100 IFA-visitors paid with their mobile phone. 13.000 € switched accounts with more than 2.300 transactions.
"eGeld" is very easy to use: Only one text message is necessary for registration, access is made available by response. With another text message your credit is charged and shopping can start. At the fair the visitors receive a five Euro gift to buy food, beverages or mobile phone cases. For the first time in Germany it is possible to transfer money to a friend in a split second by only sending two text messages no matter if he already owns an "eGeld" account or not. "eGeld is fun, easy to use, fast and as save as cash", Dr. Rainer Fuchs, Member of the Board of the XCOM AG, sums up the IFA-experiences.
"eGeld" has been successfully tested during the last months within a closed user group in a student club in Zwickau. The students liked the "cool" way of making payments.
Germany is ready for payments by mobile phones. By now almost 50 % of the mobile phone owners can imagine paying with their mobile phones - this was the result of a Forsa-survey. Among the 13 - 29 year olds the share even amounts to 75 %. Due to the increasing interest in smartphones mobile payment becomes more important.
Despite all the enthusiasm, so far all mobile payments approaches in Germany were in vain.
For what is every-day life in countries like Japan and Kenya, is only of little interest in this country because of the widely used giro card and credit card payment system. Mobile payment was considered to be too complex and not offering enough added value. This may change with "eGeld" because the dealers may accept it without having to invest in expensive readers for their cash registers again. If there is internet access available there is no need for an expensive new mobile phone with additional technology.
"The new eMoney strongly differs from other development projects in Germany according to technology as well as market and sales strategy. The IFA proved: "eGeld" is ready for the market and can easily be implemented or integrated into the strategy of the respective company", states Fuchs. "During the development we were able to benefit from many years of experience with payment transaction systems and card systems at large banks. So we are able to present a mobile payment solution that is not only customer-oriented but also creates a win-win situation for all parties involved."
XOM AG and biw Bank für Investments und Wertpapiere AG enable a fast implementation and an operational infrastructure. Retailers and restaurants are offered a complete solution to promptly enter the market.
IIn addition to the potentially increase of turnover dealers receive additional value due to a quick and transparent value date of sales. Unlike other systems, the "eGeld" concept does not require a rigid technological and organizational procedure. It is possible to pay via writing a text message or via smartphone app. A following optional PIN-confirmation provides additional security. In addition a solution is being worked on to initiate the payment by scanning a mobile phone barcode or NFC-technology and thereby further increase the payment comfort. By the outsourcing of "eGeld"-payment processing banks and other providers are not required to generate costly interfaces and are able to start quickly.
"eGeld" is very easy to use: Only one text message is necessary for registration, access is made available by response. With another text message your credit is charged and shopping can start. At the fair the visitors receive a five Euro gift to buy food, beverages or mobile phone cases. For the first time in Germany it is possible to transfer money to a friend in a split second by only sending two text messages no matter if he already owns an "eGeld" account or not. "eGeld is fun, easy to use, fast and as save as cash", Dr. Rainer Fuchs, Member of the Board of the XCOM AG, sums up the IFA-experiences.
"eGeld" has been successfully tested during the last months within a closed user group in a student club in Zwickau. The students liked the "cool" way of making payments.
Germany is ready for payments by mobile phones. By now almost 50 % of the mobile phone owners can imagine paying with their mobile phones - this was the result of a Forsa-survey. Among the 13 - 29 year olds the share even amounts to 75 %. Due to the increasing interest in smartphones mobile payment becomes more important.
Despite all the enthusiasm, so far all mobile payments approaches in Germany were in vain.
For what is every-day life in countries like Japan and Kenya, is only of little interest in this country because of the widely used giro card and credit card payment system. Mobile payment was considered to be too complex and not offering enough added value. This may change with "eGeld" because the dealers may accept it without having to invest in expensive readers for their cash registers again. If there is internet access available there is no need for an expensive new mobile phone with additional technology.
"The new eMoney strongly differs from other development projects in Germany according to technology as well as market and sales strategy. The IFA proved: "eGeld" is ready for the market and can easily be implemented or integrated into the strategy of the respective company", states Fuchs. "During the development we were able to benefit from many years of experience with payment transaction systems and card systems at large banks. So we are able to present a mobile payment solution that is not only customer-oriented but also creates a win-win situation for all parties involved."
XOM AG and biw Bank für Investments und Wertpapiere AG enable a fast implementation and an operational infrastructure. Retailers and restaurants are offered a complete solution to promptly enter the market.
IIn addition to the potentially increase of turnover dealers receive additional value due to a quick and transparent value date of sales. Unlike other systems, the "eGeld" concept does not require a rigid technological and organizational procedure. It is possible to pay via writing a text message or via smartphone app. A following optional PIN-confirmation provides additional security. In addition a solution is being worked on to initiate the payment by scanning a mobile phone barcode or NFC-technology and thereby further increase the payment comfort. By the outsourcing of "eGeld"-payment processing banks and other providers are not required to generate costly interfaces and are able to start quickly.
