MSPay – the product

The MSPay product
is a patent application detailing a unique communication platform/protocols for fast and secure two-factor-approval transactions and applications thereof. The communication platform allows the approval and execution of a request in one system via another system. The platform is an authentication channel that is completed in two separate environments. This is useful in many applications such as, but not limited to, contactless/mobile payment solutions.

The core technology
the communication platform – has been developed, fine tuned and tested through a mobile payment application over a period of more than two years. Proof of concept has been achieved with PBS (now Nets) the biggest electronic payment transaction provider in Scandinavia and the technology is now ready for commercialization.

Licenses for contactless payment solutions
are currently being offered to providers and/or developers of such solutions – enabling the improving of existing solutions or allowing the introduction of new solution.
The mobile payment application in an overview
Interestingly the proof of concept efforts have helped prove that the mobile payment application is:

- As fast as any credit card transaction
– More secure than today’s online payments as no account or card information need to be stored on the phone and/or transferred on-line or via a mobile network.

Thus, the MSPay communication platform helps overcome one of the major issues related to online payments: The steeling and misuse of credit card information.
The application is build to enable payment transactions from almost any mobile phone. It supports online shopping already today but perhaps more interestingly the application is NFC-enabled – opening up for the use of mobile phones instead of a credit cards in physical stores.

The specific mobile payment application has been running in test against the biggest provider of electronic payment services in Denmark – PBS – and the technical solution is now ready to be picked up by a payment solution provider and integrated into a mobile payment solution.

The MSPay protocol (pat. pending) can be used in many different commercial applications such as in contactless payment solution. In this example the protocol is build into a mobile payment application and can as such be integrated into a standard payment protocole in the mobilphone and/or facilitate the creation of the electronical version of existing debit/credit and loyalty cards.

The mobile payment application in more details:
Using the MSPay protocol in a mobile payment solution opens up for the integration between mobile terminals (mobile phones), the Internet and existing payment points (web shops or physical stores).
With the mobile phone an end user can pay at web shops or physical stores. The end user only has to pull and accept payments with his/her mobile phone. It is simple and straightforward, and the whole transaction is completed in only 3-7 seconds.

The MSPay protocol offers a unique 2-factor method of authentication – the payment is approved two times – at the store and on the mobile phone of the buyer. The only thing being transmitted is the phone number and a pin number – no credit card data are sent via the Internet and no credit card data need to be stored on the phone. This makes the MSPay solution extremely secure.

The development and testing of MSPay has been completed and the solution is now ready for implementation. The solution is easy to integrate with electronic payment service solutions and other environments such as banks and mobile companies. MSPay can be used with all types of cards such as but not limited to debit/credit cards, loyalty cards and student cards and can be integrated into both web shops and physical stores.

The future of mobile payment is contactless payments with the mobile phone i physical stores using NFC (near field communication) technology. Thus, an NFC-module has been integrated into the MSPay protocol to support this type of payment applications already today. All that is needed is to turn on the NFC-module and swipe the phone to collect a payment! As the NFC-technology spreads the MSPay protocol is ready to honor and facilitate the request for payment solutions based on this technology.

To learn more about the use of the MSPay protocol in a mobile payment solution please refer to the MSPay factsheet english