16 December 2010
Finland-based payment service company Luottokunta has partnered with Finnish mobile business services provider BookIT Oy and Microsoft to develop an authentication service designed to enable mobile payments.
Dubbed eMobile, the digital service is based on iSMS, a system which allows users to carry out payment transactions via SMS as well as normal credit card. Moreover, payment authentication is done as a cloud service, where an un-forgeable “fingerprint” is created for each transaction. Payment can be carried out using any card registered for the service by the consumer. To identify themselves and make a payment, customers
need to respond to the message they receive by typing a specific letter, for instance.
The new m-payment application can be used for repeated and routine payments such as travel or cinema tickets, subscriptions, car parking charges as well as vending machine and online purchases.