People in developed countries take banking for granted, but for many regions around the world, the unbanked population makes up the majority of the populous. The lack of infrastructure as well as cultural norms is responsible for depriving citizens in these countries from one of the most important tools for development. Mexico is a great example of this phenomenon. Out of a total population of more than 120 million, there are only a little more than 25 million bank account holders in the country. On the other hand, there is an 87 percent mobile device penetration rate, which has led telecoms, banks, and payment providers to address this market with mobile commerce solutions.
Omlis, a global mobile payment solution provider, and Stratus Technologies (News - Alert), developer of electronic payment systems, have entered into a partnership to bring mobile commerce services with a secure platform to Mexico.
By combining their resources, the companies look to bring mobile banking capability that will meet the new regulated accounts in Mexico. This includes being compliant with the current FAFT guidance regarding banking on mobile devices.
The Omlis platform delivers:
- Optical financial transactions at POS (Point of Sale)
- Mobile close field communication financial transactions at POS (Point of Sale)
- Instant access to secure network systems at the touch of a finger
- Eradication of passwords and key entries (Beyond password management)
- Remote instant transaction verifications
- An extensive portfolio of secure mobile data security features and OMLIS encryption
The platform is also designed to be simple and friendly for conducting transactions, as well as managing accounts. This is especially important for rural populations with low literacy rates.
"Our partnership with Stratus Technologies Mexico signals a key change in the Mexican Mobile Payments market. Electronic Payment Systems are used literally by millions of Mexicans daily and our innovative technology ensures that every single transaction is risk free," said Markus Milsted, CEO of Omlis.
According to a report by Ericsson (News - Alert) Consumer Lab, Mexico has an adoption rate of 31 percent for mobile commerce and 87 percent for mobile devices, of which 20 percent are smartphones. This has led IE Market Research to forecast the gross transaction value of mobile payments in Mexico to reach $10.3 billion by 2015.
The solution Omlis brings to Mexican mobile payment will be more secure than the current platforms being used in the country. As stated by the CEO of Stratus Technologies Mexico, Juan Pablo Gonzalez, "Our country needed a company that was truly reliable in security matters, and I’m glad to say that Stratus found it in Omlis."
Edited by Adam Brandt
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