E-payments services company earthport has launched its real-time mobile payments system mobilePay.
UK-based earthport says the mobilePay system enables consumers to set up virtual accounts, which reflect funds from a real bank account, and clears in real-time, so all purchases are made on a 'cleared cash' basis.
The virtual accounts, which also accept micro-payments, are connected to traditional banks and act as a messaging service whenever a purchase is made. Customer and payment details are stored on private networks rather than the mobile device.
Additionally, earthport says it aggregates 'virtual' transactions and settles these in bulk within the traditional banking system, which reduces bank-to-bank transaction costs.
Rick Flood, COO, earthport, says: "The system allows greater flexibility of the type of products purchased, from large to small, giving operators and users billing and payment control by allowing balances to be viewed in real time."