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.
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.
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.
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.
Benefits For Consumers
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.
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.
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.
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
E-commerce for Merchants
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.
with TeleMoney, online merchants will now be able to continue
offering the numerous payment modes currently available for
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
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.
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
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.
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
FURTHER INFORMATION CONTACT:
Right Spin Pte Ltd
Tel: +65-6325 8171
Fax: +65-6227 2271
Mobile: +65-9742 7942
Wee Tee Jin
Right Spin Pte Ltd
Tel: +65-6325 8170
Fax: +65-6227 2271
Mobile: +65-9119 7421