PayEx Mobile™

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PayEx Mobile is a new, unique payment service which replaces cash for everyday purchases in physical and online stores and from vending machines.

PayEx Mobile was launched in Sweden in summer 2009. The same year the service was named the most innovative service in the Banking and Finance category at the Cut the Wire Awards.

The payment is debited to the consumer’s PayEx Account and is thus entirely independent of the user’s mobile prepaid card or mobile phone bill. All the buyer needs to do to shop in a physical store is to wave his phone over the payment terminal and press ok on his phone to complete the purchase.

  1. How it works
  2. Security
  3. Applications:

How it works

PayEx Mobile is an application which PayEx account holders can download from their PayEx accounts to their mobile phones. The mobile application enables the consumer to pay for goods and services in any channel: for lunch at the restaurant, for coffee at the café, for products and services in online stores or for a soft drink from a vending machine. In addition to payments, the application can also be used to send money to other users, check the balance on your PayEx account, view your transactions or top up your PayEx account.

For merchants PayEx Mobile is a payment method which can be offered in all sales channels at reasonable prices in terms of both infrastructure (terminals) and transaction fees.  

If you sell products or services on the Internet you can connect your store directly via PayEx Payment Portal without needing to apply for acquiring agreements with other parties such as banks or mobile operators.

For physical sales a number of different terminal alternatives are offered. The simplest solution, which requires no technical development for the store, is to hire or purchase a stand-alone terminal from PayEx. If you have a PC point of sale you can use a POS-integrated terminal which accepts card payments and is certified and supports the new EMV standard, including PayEx Mobile. The alternative is to integrate PayEx Mobile directly into your POS system. This is simpler than it sounds, as PayEx Mobile has solved the security issue in a new, innovative way which ensures that the merchant is not affected by the card companies’ PCI requirements for PayEx Mobile.

For the “unattended” segment, which includes vending machines, PayEx is working with suppliers which have finished communications boxes that support payment by PayEx Mobile and can communicate directly with the vending machine’s MDB interface.

Security

With PayEx Mobile the consumer is never required to submit sensitive information that needs to be stored by the merchant needs in its systems. The consumer always approves each purchase using his or her mobile phone. This means that phenomena like phishing or skimming of card numbers cannot occur with this payment method, which is hugely reassuring for consumers as well as merchants.

Applications:

PayEx Mobile is a mobile payment method that works in most sales channels: in physical stores, online and for the unattended segment, such as vending machines. PayEx Mobile is an ideal payment method for small everyday purchases, as it currently has a maximum deposit limit of SEK 2,500.

Customers

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