Alkor PayCash Teams-Up on Contract to Specify 3G Mobile Payment System Requirements That Will Be Used in Standards For the Russian Federation
October 25, 2004, Marlborough, Massachusetts-Cyphermint Inc., provider of the global electronic payment solution, PayCash™, announced today that sister company, Alkor PayCash of St. Petersburg, Russia will participate in the project to specify 3G mobile payment system requirements that are planned to be used in Russian Federation standards.
In September 2004, a contract was signed between Third Generation (3G) Telecommunication Networks Operators Association and NIIR Payment Systems Co. (NIIR, Russian National Scientific Institute of Radio Research) and jointly will utilize Alkor PayCash's research entitled: "Development of an electronic payment platform for use in networks of cellular communication". This research can be put into execution as the basis for standardization of mobile payments systems in the 3G network of the Russian Federation.
In the most of the countries in the world, there is no cheap and easy way for cellular phone subscribers to use their cell phone to purchase goods and services, sending payments to the mobile commerce (mCommerce) merchant in real time. Also, there is no effective method for cellular service providers to profit from mCommerce even though ultimately, they are responsible for the quality of service and conditions that permit mCommerce to thrive. The cellular service providers play a key role in the implementation of electronic payment systems, which can function separately from bankcard and credit card systems. For cell phone users, this wireless payment function will provide a convenient and highly secure way to effect payments using their cell phones. With this wireless payment system, service providers can automatically deduct a portion of the payment based upon agreements with the mCommerce merchant.
Considering the vast potential of transactions in the 3G mobile systems, and the mCommerce opportunities as a result of the new payment technology, it is necessary to set an electronic payment standard in the 3G networks. A partnership between the service provider and the mCommerce merchant is encouraged, as their joint effort is necessary to generate revenue from the cell phone transactions and usage. The new wireless payment technology, along with the mCommerce opportunities will attract new subscribing customers for the cellular service provider.
Merchants of goods and services can also benefit from this wireless payment system because it serves as means to extend their retail presence to the community of wireless subscribers. It is an additional advantage for the merchant because the cell phone in the possession of the cell phone subscriber and is usually turned on. This allows the merchant to stay in connection and communicate with his customer.
The collaborative effort of Alkor PayCash, 3G and NIIR Payment Systems will in turn create and implement the technology to enable a cell phone to function as a payment vehicle or "electronic wallet". To equip a cell phone with this capability, the demonstration systems to be developed under the contract will rely on the existing PayCash™ technology. PayCash is the global leader in secure electronic payment solutions and has been in use for several years in Russia. PayCash's US headquarters, Cyphermint, has been in existence since 2000.
About Alkor PayCash
Alkor PayCash is a managing company of Paycash group that develops and provides one of the most advanced Internet payment technologies in the world market. PayCash is based on the "digital cash" technology. From the user's (seller's or buyer's) point of view, PayCash appears as multiple "electronic wallets," each with its own holder. Thanks to the state-of-the-art technologies, distributed processing, and encryption security, the user can conduct cash transactions without leaving his computer. The technology enables the user to transfer digital cash from one wallet into another, keep the cash in an Internet bank, perform currency conversions, or deposit the cash from the system to conventional bank accounts or any other payment systems. The system's key advantages include unparalleled security, scalability, advanced stream payments and micropayments, and wide-ranging functionality, including a multiple-currency capability, integrated commercial contracts, and other features.
About Third Generation (3G) Telecommunication Networks Operators Association
The association of operators of third generation of mobile communications (3G Telecommunication Networks Operators Association) has been created with assistance of the Ministry of the Russian Federation on Communication and Information in December 1999 with the purpose of coordinating efforts for all interested parties on the construction of systems of 3G mobile communications in Russia.
The area of focus of this Association includes the broad spectrum of issues concerning the successful expansion and operation of 3G mobile communication networks, and further, to allow uniform interworking of 3G mobile networks throughout the Russian Federation.
3G Telecommunication Networks Operators Association created working groups to focus on specific issues: (1) "Network - 3G": network aspects for 3G communication networks, (2) "Spectrum - 3G": use of a radio-frequency spectrum for networks of 3G mobile communications, (3) "Procedures - 3G" (Section WLAN): development of normative and technical documents for expansion of 3G communication systems / research of ways of integrating broadband wireless access networks, (4) "Content - 3G": Questions of the interaction of suppliers of content and services with operators of 3G communication networks, (5) "Infotechnologies - 3G": Information technology issues with creation and development of 3G communication networks, (6) "Infosafety - 3G" : Questions of information safety of services in 3G communication networks , (7) "Legal - 3G": all legal problems connected to activity of 3G Association, (8) Public relations: activities in the promotion of the 3G Association. Participants in this association include numerous manufacturers of mobile communication equipment and investment companies.
About NIIR (Russian National Scientific Institute of Radio Research) Payment Systems
NIIR - Payment Systems Inc. was created on September 01, 2003 with participation of the Russian National Scientific Institute of Radio Research with the goal of carrying out research on the existing payment systems working in open networks, and creating recommendations to telecommunication operators, the state and municipal enterprises, and other enterprises on the implementation of such systems. NIIR - Payment Systems Inc. conducts research and development on payment platforms under the order of some the following organizations: the associated members of Associations 3G, GSM group, and cable television network operators. In order to accomplish these goals, NIIR - Payment Systems Inc. cooperates closely with the scientific institutes in the Ministry of Communications and Information of the Russian Federation.
About Cyphermint
Headquartered in Marlborough, Massachusetts, Cyphermint is a provider of Global Electronic Cash Payment and eCommerce infrastructure/integration solutions. Our core technology, Pay Cash™ is used in three major areas: (1) Internet Cash Payment Systems, for B2C eCommerce via the Cyphermint Pay Cash System, (2) Kiosk Solutions - delivering Web-enabled self-service B2C merchandising systems, and (3) The Pay Cash Now™ Debit Visa® Card. Cyphermint's Kiosk Integration Division provides solutions to online retailers enabling full integration with kiosk networks and also sets up existing kiosk networks with eCommerce capabilities. Cyphermint's core technology, the Pay Cash System provides businesses complete turnkey solutions.
For More Information Contact:
Cyphermint Sales
sales@cyphermint.com
508-787-4800
