METTCARE MobiCash operates in any environment where mobile networks are present. The entire payment process is simplified as there is no need for the NFC/POS infrastructure and physical transfer of cash , significantly lowering the cost of transaction. Using one’s own mobile device, a person can pay for goods and services without NFC enabled devices and mobile wallets. Combined with METTCARE M-Deposit it provides a complete cashless payment and banking solution to banks’ customers.
The case of a Russian hacker who stole USD 169m by attacking POS infrastructure on U.S. pizza chains is the best example of how insecure is the existing payment processing infrastructure. Solutions relying on the mobile wallet, like Apple Pay, are also prone to fraud and have proven to be hackable . “Secure” iPhone is not so secure after all. Hijacking of NFC based POS payments is a part of an ongoing Europol investigation.
METTCARE does not store banking data on its servers, as the transaction data is owned by the financial institution (FI). No payment data is kept on the payer’s device, making it impossible to steal the data as there is nothing to hack. If a mobile device is lost or stolen, no private data can be exposed. METTCARE communicates the success of the activity back to the mobile device via SMS. Financial institution conducts the settlement activity between a customer and a merchant and confirms the success by sending an email to a customer and a notification to a merchant. FI can also redirect SMS message to a customer’s mobile device through METTCARE.
In coordination with a settlement FI, METTCARE MobiCash can add merchant’s loyalty points to the user’s account. If more than one loyalty program is supported by a merchant, MobiCash gives its user an option to select a preferred program.
METTCARE MobiCash is based on the business principles defined by SEPA (Single European Payment Area), removing all costly proxy layers in conducting the payment activity. The METTCARE solution is based on the single event payment settlement between the customer, processing financial institution, and merchant making it the most economical option for both merchants and customers.