MobillCash Press Release

Here is the official press release from MobillCash, out yesterday.

----------------------------------------------
World’s First in Mobile Payments

Chesterfield, United Kingdom, October 12, 2007 – for immediate release

MobillCash is a Mobile Payment System that enables people to use their mobile phone to make purchases without the need of a credit card or bank account. Vidicom Limited, the owners of the MobillCash Payment Gateway, today announced that from November 1, 2007, all merchants who accept MobillCash as a method of payment will earn up to 32% extra per transaction from all sales to U.K. mobile phone customers.

This significant breakthrough has been achieved following lengthy negotiations between MobillCash and Her Majesty’s Revenue and Customs (HMRC) – the government department that is responsible for administering and collecting the taxes in the United Kingdom. HMRC has ruled that MobillCash’s unique service is a genuine “Financial Transfer Service” and as such should be treated in exactly the same way as other e-money processors and credit card companies like Visa and MasterCard.

From November 1, 2007, this new status will pay dividends to all MobillCash merchants who will enjoy payouts that will increase by anything between 20% and 32% per transaction, depending on which mobile service provider is used by the consumer.

Glyn Smith, Founder / CEO, stated, “Five years of planning and three years of programming have finally paid off. I firmly believe that MobillCash is the first and only Mobile Payment System that is exempt from sales taxes.” He went on to say, “Any on-line merchant who currently sells digital services via any ordinary PSMS or SMS billing platform, or even via the very latest WAP applications can instantly increase its profits by 32% per transaction without changing the way it does business by simply making a no cost switch to MobillCash.

Mr. Smith went on to say, “The implication of achieving the status of a financial transaction provider is extremely wide reaching. Almost by default, this will be adopted throughout the European Union in the very near future. We have worked single mindedly towards establishing MobillCash as the first and only Mobile Payment System worthy of this status – we find this very rewarding, but the real rewards will be felt by our Merchants. We are working towards making MobillCash available to one billion mobile phone subscribers by early in 2008 and to have this unique status reflected in other continents around the globe as soon as possible.”

MobillCash is simple to use for both customers and merchants. A customer makes a purchase by simply entering his mobile phone number on a web site. He’ll then receive a text message to confirm his purchase with a simple reply of “Y” for yes. Then the purchase price will be billed to him by his mobile phone carrier.

About MobillCash

MobillCash is one of the fastest growing Mobile Payment Systems in the world. It is wholly owned by Vidicom, Ltd with head quarters in the U.K. and a sales office in the U.S. Additional information can be found at www.mobillcash.com as well as www.mobillcash.com/merchant.

Press Contact:
In U.S. - Philip Tarazi, VP, Voice (707) 538-3972 philip.tarazi@mobillcash.com
In U.K. - Glyn Smith, CEO, Voice +44 8707 606 634 info@mobillcash.com

Wireless Internet Phase 1

Phase 1 of the project has now launched with the teaming up of a company who offers an alternative payment mechanism for online transactions.

This ecommerce phase was initially going to be phase 4 of the project, but with MobillCash's head start in the field, it was an obvious decision to utilize their technology.

In other project news, the field retesting has gone extremely well, and I would venture to say that the nationwide wireless Internet launch could happen in the next four to six months.

In the meantime, if you are an online merchant, you should definitely take a look at the MobillCash offering. There are no setup costs or merchant fees and this will make an excellent addition to your existing payment processor.

Incentives to use MobillCash:

To make a sale to customers who you can't make a sale to now.

Those that do not have a bank accounts or credit card and or don't want to show ID have the payment be guaranteed upon transaction completion.

Transaction Process:

Consumer chooses MobillCash at your payment options page.

They enter which country the phone is at, If we don't use all carriers in that country they'll choose which carrier.

Instantly see the total amount due in their own currency for that country

Enters mobile number in form, clicks continue

Receives a text message to their phone with pricing, company repeated

Reply with a Y

Transaction is complete they will be charged by the Mobile Carrier

You can see every step of the transaction live, and after the mobile carrier confirms proper credit a few seconds later you will receive the confirmation to release the service/product to customer.

Payments are then guaranteed and you should expect payment in about 60 days.

We are working on options to factor all or part of this payment down to 7 days as an option for some merchants.

This is an excellent alternative to current payment systems without cannibalizing them. Primarily because it costs more for the consumer as they are being billed by the mobile carrier.

If they have a CC and trust you, then they will use it.

If they don't have a CC or bank account then you made a sale where you couldn't before.

To sign up for your free merchant account, simply go to:
http://MobileCashRetailer.com