Keycorp, Symstream team for mobile payments

ASX-listed Keycorp has partnered with Symstream Technology to offer electronic payments using GSM mobile phone networks.

The wireless managed payment solution combines Symstream II wireless technology and Keycorp’s managed payments services to allow merchants to send transactions to their banks without needing to connect to a fixed line communications network.

It will initially be targeted at South-East Asian nations such as Indonesia and India which typically have extensive GSM voice, but limited data, networks.

Symstream managing director, Michael Neistat, said in a statement that the deal could potentially change the way people conducted their retail business.

“Given less reliance on cash for transactions, consumers in these targeted regions will have modern financial services available literally wherever a mobile phone call can be made,” he said.

Symstream is currently working with Indonesian mobile service provider Excelcomindo to connect ATMs and EFTPOS devices to banking networks.

Keycorp specialises in secure electronic transaction products and currently supplies EFTPOS terminals for Indonesia’s banking system.

keycorpmobiletelco/isp