Simplifying Mobile Money Payments for Mass-Market Adoption

Arunjay Katakam of Weeve Limited in the United Kingdom will design a method to simplify mobile money payments so that individuals can pay at retail merchants by dialing a number on their mobile phones. Software will be developed along with a server and phone line for mobile payments. Customers will download an encrypted and secure mp3 file (ringtone) on their mobile phones that identifies them and is used to verify their transactions. Transactions are made by merchants first dialing a free phone number and entering the payment amount. Next, the customer dials a merchant-specific number and verifies the transaction with their unique ringtone by holding the two handsets together. They will pilot test the approach with 100 merchants and run customer awareness campaigns to promote uptake.