Celtron International Subsidiary Acquires CreditPipe

Thursday 6 November 2003 22:11 CET | News

Celtron South African subsidiary, Orbtech has acquired 100% of the outstanding stock of CreditPipe, a Mobile E-commerce platform and M-commerce enabler.

Included in the acquisition is all intellectual property and business operations including technology that turns cell phones into a point-of-sale device accepting credit card and check transactions. Celtron has over 80 employees as of the close of this transaction. The new service, Mobile Credit, utilizes Wireless Internet Gateway (WIG) technology that resides on a cell phone SIM card. This eliminates the need for any web-based banking service or Wireless Application Protocol (WAP). Users receive immediate transaction settlement in their bank account and confirmation is received in seconds via short messaging system (SMS) protocol. Customers are protected from fraud by the Mail Order Telephone Order (MOTO) rule, which gives them the right to dispute a transaction that takes place in the absence of traditional credit card validation. PriceWaterhouse-Coopers has audited the architecture of the system and verified that the transactions are both valid and secure. The service is available to subscribers at a discounted monthly subscription rate or non-subscribers pay regular transaction fees.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce