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Paying with your mobile

Published on 16/03/2007

16 March 2007

BRUSSELS – A new payment system using the mobile phone will come onto the market in April. Tunz.com is a system similar to proton, but works via sms text messages. The system is being launched by Grégoire de Streel and Jean Zurstrassen, former founders of Skynet and Keytrade Bank.

Tunz.com is a system that manages electronic wallets. Every wallet is linked to a mobile telephone number. You will be able to pay any other mobile phone holder via an sms text. Payments must be confirmed with a pin code.

Payment via sms text message will be billed between EUR 0.15 and 0.40 per transaction and transactions between wallets can also be made on the Tunz.com website – this will be free for individuals. Wallet balances cannot exceed EUR 150 however.

The founders say that Tunz.com has been recognised as an electronic money issuer by the commission for banking, finance and insurance (CBFA). The launch is planned for April.

The business is primarily owned by founders De Streel and Zurstrassen. Tunz.com has capital of EUR 1.5 million, half of which was raised from external investors.

Zurstrassen says this will be the first system of its kind in Belgium. There are already a number of similar initiatives in the US.

[Copyright Expatica News 2007]

Subject: Belgian news