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Extending their mobile commerc

They may not realise it yet, b

SWAP Mobile has launched its innovative, free SWAP Wallet providing every local cellphone user with access to a safe, reliable and easy-to-use payment system.

Cellphone users activate their Wallets for free by dialling *130*1313#.

To get money into their Wallets, users can accept transfers from any other Wallet or make electronic transfers to an ABSA account.

Debit accounts and credit cards can be linked to a Wallet to add funds anytime they're needed.

The SWAP Wallet is integrated with SWAP Codes issued to businesses. When a SWAP Code is dialled from a cellphone to make a payment, funds are transferred directly to the business's bank account.

SWAP is actively recruiting businesses to become SWAP Merchants and accept Wallet payments through SWAP Codes.

The company is also inviting members of the public to visit its site at www.swapmobile.co.za and nominate businesses they'd like to be able to pay using their SWAP Wallets.

At the same time, according to SWAP Sales and Marketing Manager Josh Loock, negotiations are under way with big corporates that issue store debit, credit and loyalty cards to integrate the SWAP Wallet with their mobile strategies.

"This," says Loock, "will provide each corporate with an additional payment channel. Users should be on the lookout for constant Wallet enhancements and for new businesses accepting Wallet payments."

The SWAP Wallet, he adds, also provides access to SWAP's Instant Airtime product. It allows prepaid users to purchase airtime for any network, in real time and directly from their cellphones.

A payment system, not a bank

According to SWAP Mobile founder and CEO, Elsabe Donovan (Pictured above), "SWAP is a payment system, not a bank. Mobile banking and bank-based cellphone wallets simply haven't impressed the market so far because they're complicated and have failed to eliminate costly banking and transaction fees."

"What South Africans need," she continues, "is a payment system that can be used free of charge and that is accessible to anyone, whether they have a bank account or not."

"Only four percent of the population has adapted to cellphone banking and a small proportion has access to Internet payments."

Advantages to business

SWAP provides businesses with a means of extending their mobile commerce strategies.

Able to offer a safe, cashless, anytime payment channel to customers, they also enjoy the advantage of secure transfers of accumulated transactions directly to their bank accounts.

When a business registers online as a SWAP Merchant, it receives its unique SWAP Code that customers dial to make payments.

It also gains the ability to accept payments from customer credit cards, even if it isn't equipped with a conventional credit card POS device.

Because every SWAP Code leads customers to a business's unique, customised, menu-driven payment screen, each business can present its own contact details, news and special offers to customers directly on their handsets.

According to SWAP Operations Director Jose Gomes, SWAP's online Web Console allows businesses a high level of control.

Through the Console, they can monitor payments, draw statements, choose how they wish to be notified of payments made and update the information screens their customers see.

"In addition," says Gomes, "SWAP has made security a priority. The system is USSD-based - a GSM standard supported by all South African cellphones."

"It utilises accepted e-commerce hosting, encryption, and communication protocols supported by a security and risk management framework that includes integration with Xpert Decision Systems (XDS), an internationally recognised credit bureau."