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Revolutionary Online Payment Service Telemoney
Systems@Work showcases TeleMoney at IDA e-Celebrations

 

Singapore, 27 February 2001 - Innovative payment facilitator Systems@Work Pte Ltd announces today that it will showcase TeleMoney, a revolutionary payment service that offers unprecedented security and convenience for online transactions, at the e-Celebrations organized by the Infocomms Development Authority (IDA) from 7 March to 12 April 2001.

TeleMoney is the solution for consumers who wish to shop online but are uncomfortable with revealing their personal details every time they shop. TeleMoney eliminates the need for consumers to submit such details and yet provides them with security and convenience by simply using their mobile phones as electronic identification for online transactions. This will help build confidence in online shopping for both consumers and merchants. In essence, TeleMoney bridges the existing gap between online and over-the-counter sales by enabling the consumers and merchants to have experiences similar to "face to face" interactions.

In line with IDA's objectives to promote mass awareness and use of e-commerce at the e-Celebrations, and to demonstrate its potential, Systems@Work will showcase TeleMoney together with an online photo printing service at the event.

"Consumers' confidence and trust are critical building blocks for online transactions. TeleMoney represents an innovative way to expand the mobile phone's capability. By allowing consumers to use their mobile phones for identification, it brings greater security to online purchasing. This initiative will increase trust and instill confidence in consumers and businesses. Given Singapore's high mobile phone penetration rate and tech-savvy consumers, initiatives like these will spur the growth of m-commerce," said Dr Kaizad Heerjee, IDA's Assistant Chief Executive of the Online Development Group.

Immense Benefits For Consumers

TeleMoney is an innovative technological service that addresses the key concerns currently inhibiting e-commerce for consumers and merchants. With TeleMoney, a consumer can conveniently enjoy total security and control for online purchases by simply using a very personal device, his GSM phone, as the electronic I.D. to identify himself as the authorizer of the payments.

Whilst pledging security, TeleMoney is simple to use and does not compromise the convenience that consumers want. It does not require any software download or any hardware purchase. Anyone with a GSM phone and any mode of internet access would be able to enjoy the benefits of TeleMoney. Registration is free.

Another key benefit is that during an online transaction, the consumer does not need to provide personal payment details. The member simply provides a personal TeleMoney number, listens to the Interactive Voice Response instructions on his mobile phone, and then actively authorizes the transaction by keying in a unique PIN on his mobile phone.

The TeleMoney member will then receive an e-receipt in the form of an email when the purchase transaction is completed. The member also has the option to request for SMS receipts, as well as view details of previous transactions by logging onto the secure Member's lobby at www.telemoneyworld.com. These records will help protect the member in cases of disputes or when clarifications are needed.

Realising E-commerce for Merchants

Because consumers actively authorize their payments through TeleMoney during online transactions, merchants' concerns of fraud will be addressed. Additionally, merchants will be able to lower their costs of doing business online by reducing their provision for uncertainties such as cases of fraud. Consequently, more merchants will be encouraged to offer online shopping and existing online merchants will be able to pass back these cost savings as better services to their customers.

Furthermore, with TeleMoney, online merchants will now be able to continue offering the numerous payment modes currently available for over-the-counter sales.

Upon completion of this showcase of online photo printing at the end of the IDA e-Celebrations on 11 April 2001, TeleMoney will be made available to other online merchants that offer products that do not require feel and touch, products and services that are delivered immediately on-demand, and online ordering of customized products.

Online Photo Printing Showcase

As an illustration of its compelling benefits, Systems@Work will be showcasing TeleMoney during the entire period of e-Celebrations together with an online photography web site for uploading and ordering of photo prints to present a 'live' online shopping and payment environment. Any internet enabled consumer with either a digital camera or scanner can enjoy the benefits of this service.

Systems@Work will offer visitors to e-Celebrations FREE photo prints when they send their photographs for printing using this online photography website and sign up to use TeleMoney as the payment service. For more information about this exciting online photo printing offer and the unique TeleMoney service, log on to www.telemoneyworld.com

About Systems@Work

Systems@Work is a leading regional Universal Payments Facilitator offering pervasive, user-friendly services supported by a highly reliable and efficient infrastructure. It was incorporated in Singapore in 1999 with the vision to usher in a new era of secure and guaranteed e-commerce transactions to merchants and consumers.

The company's revolutionary product TeleMoney, is the only service available worldwide that provides consumers and businesses with a completely secure and convenient solution for online transactions using a GSM phone SIM card as the electronic I.D. to authorize online payments.

FOR FURTHER INFORMATION CONTACT:


Ms Stacy Ang
The Right Spin Pte Ltd
Tel:  +65-6325 8171
Fax: +65-6227 2271
Mobile: +65-9742 7942
E-mail: stacy@therightspin.com.sg
URL: www.therightspin.com.sg
Mr Wee Tee Jin
The Right Spin Pte Ltd
Tel:  +65-6325 8170
Fax: +65-6227 2271
Mobile: +65-9119 7421
E-mail: teejin@therightspin.com.sg
URL: www.therightspin.com.sg
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