GSM Replaces Bank Card

16th February 2007, Comments 0 comments

16 February 2007, BRUSSELS - For all payments you now make with you bank card, you will be able to use your phone. The new Banksys system will be introduced this spring, although the exact date is unknown.

16 February 2007

BRUSSELS - For all payments you now make with you bank card, you will be able to use your phone. The new Banksys system will be introduced this spring, although the exact date is unknown.

"We still have to agree on a date with our partners – the banks and the three telecom operators we'll be working with", said Banksys spokesperson Jean-Michel Dasnoy.

Dasnoy believes the new payment system will radically change the Belgian consumer's behaviour. The new system is not comparable with the already existing possibilities of making small payments via gsm, as those are not protected.

The new system will involve coded sms's, which will make gms-payments as safe as internet banking or paying with a bank card at a store, even when large sums are transferred.

Gsm-payment will not take longer than18 seconds, Banksys informs. Just like with bank cards, the consumer establishes his own daily limit himself.

According to La Dernière Heure, there are three gsm-operators - Mobistar, Proximus and Base – ready to launch the system today. Now it is up to the banks to decide.

Meanwhile, not all telephones are compatible with the new payment system. Only those gsm's that use a SIM card with a M-Banxafe security programme are safe to use. Such SIM cards can be found in all telephones on which the user can directly upload his prepay credit.

[Copyright Expatica News 2007]

Subject: Belgian news

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