|
About SWAP
SWAP is a South African company that has developed a world-class cellphone payment solution.
The system makes use of the capabilities of cellphones, mobile networks and their underlying technologies to deliver an alternative to traditional payment channels. SWAP’s new payment solution offers significant cost savings and a high degree of convenience to customers who make payments and to the businesses that receive them.
The value of cellular telephones as a payment channel lies in their accessibility and mobility and is supported by unparalleled security benefits. These advantages provide cellphone-based mobile commerce with the ability to overcome many of the shortcomings of existing commercial payment solutions, making m-commerce a viable and cost-effective alternative to computers, self service terminals, and point-of-sale devices.
SWAP uses the USSD phase 2 mobile network protocol as its preferred method of facilitating transactions and communicating with customers. USSD 2 is supported by all South African cellular operators and GSM cellphones, is faster than SMS and allows for real time interactive communications between customer cellphones and the SWAP system.
The company, together with its legal partners Routledge & Modise in association with Eversheds has consulted the South African governing and regulatory bodies to develop an environment which addresses South African regulatory and legal requirements for electronic payments. In terms of South African Reserve Bank Directive 1 of 2007, SWAP is registered with the Payments Association of South Africa (PASA) as a third party service provider and is compliant with all relevant legislation.
SWAP ’s operating environment includes key relationships with established financial and technology companies such as ABSA, Internet Solutions, Vodacom, Cell C, and MTN and these relationships support SWAP’s ability to deliver a solution which conforms to accepted electronic commerce hosting, communication and encryption frameworks. This has led to SWAP’s registration with the three major cellular network operators as a Wireless Application Service Provider (WASP) in its own right and to full membership of WASPA, the South African WASP association.
|
|
