The ability to sell online in realtime has been restricted to credit cards in the past. MyGate is now offering a mobile commerce solution that gives merchants the ability to accept realtime payments from an FNB mobile banking user's transactional (cheque or savings) account. FNB account holders who have registered for mobile banking can now pay for goods or services online using their mobile phone to authorise the payment.
The payment process is as secure as online banking. The FNB Mobile account holder's mobile number is linked to a unique user name and password insuring that the transaction is safe and secure.
Chargeback's have long been a frustrating setback to merchants as online security services like 3D Secure have been slow to take off and unlike with credit cards, the mobile commerce solution has zero risk of fraud or chargeback to the merchant.
Merchants now have a greater market to tap into as 80% of account holders only have debit cards. Dan Edmiston, managing director of MyGate, says "Consumers without credit cards can now access realtime services that were previously not available to them.
Since the launch of our mobile commerce solution we have had an influx of enquires for the service from the travel, airline, gaming and pre paid markets as these industries predominantly rely on selling their products or services online."
Merchants can apply directly to MyGate for a Mobile Commerce Merchant account to enable them to begin trading.