elgato
Joined: 24 Feb 2005
Posts: 17231
Location: Texas
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| Posted: Tue Aug 12, 2008 10:31 am Post subject: Mpayy Promises Payments from Anywhere |
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Although Conrad Sheehan thinks he has come up with a way to provide the mobility factor in the formula for ecommerce success, he's an unlikely dot-com entrepreneur at age 41. Neither a programmer nor a propeller-head, he is soft spoken and chooses words carefully. He and his wife have four children, and the oldest is seven. So why would he leave a position as senior vice-president with a decidedly traditional financial institution to start up a mobile-payment service called Mpayy?
"I had spent many years working in transaction processing and payments in particular," he explains from the Mpayy's company headquarters in Chicago. "At J.P. Morgan I ran the consumer payments business. The principal drive for growth was electronic payments in online commerce. The payment model there was credit card retrofitted: consumers used credit cards to pay, but without the card being physically present. I knew there must be a better way."
One obvious problem with the online credit card payment system is security. Paying with a credit card only requires single-factor authorization. Most merchants don't check the address the buyer gives against the account holder's address. And some don't even ask for the CVV number on the back of the card. Neither of these really tackles the fraud issue. Another problem is the convenience factor: it's difficult to type account numbers, expiration dates, names, and addresses on the keyboard of a tiny phone or other handheld electronic device.
more.. link to news article |
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