Objective of MEGAN
Its basically a multipurpose payment gateway system through which money will be generated for respective beneficiaries like electricity, mobile, water supply, etc from common people. It will cut the cost of travelling and giving maximized return of time investment. It will also generate business for the countries mobile service vendors to generate more customers without intervention of IN.
Given the sheer number of mobile phones around today, it is no surprise that the notion has been gaining ground that the phone can also be effectively used as a transactional device. In particular the telecommunications industry, looking for ways to increase revenue in unsettling times, firmly pursues the options available to allow consumers to pay for products and services using their mobile phones. A prerequisite to carry out transactions using a mobile phone is an effective mobile payment system. Mobile payments (or m-payments) are defined as payments that are carried out via the mobile phone
. A prerequisite to carry out transactions using a mobile phone is an effective mobile payment system. However, no standardized, widely adopted mobile payment system has yet emerged, and this is believed to be one of the factors that inhibit widespread use of mobile commerce. This paper reports on a research project in which the factors are examined that affect the introduction success of mobile payment systems.
We start from the venture point that a lot can be learned from research on internet paying systems, payment systems that have been introduced to facilitate payments made over the internet. First we transferred factors affecting the introduction of internet payment systems to a mobile setting.
Our Company uses state of the art technologies and platform architecture for each of its products and applications. The contactless transaction technology behind all of Our Company's products and solutions is called Mobile Electronic Generation(MEGAN).MEGAN is supported by Our Company's software. This software facilitates the development of new applications that use MEGAN and offers easy integration with existing platforms.Mobile Electronic Generation MEGAN TECHNOLOGY is an “online” contactless transaction solution which gives the server complete control over security and transaction management. By using the mobile phone’s microphone as a captor and its audio channel as a transporter, MEGAN TECHNOLOGY offers very simple use and immediate compatibility with any mobile phone.
MEGAN TECHNOLOGY is protected by a portfolio of eight patents and is the product of over 5 years of intensive research and development in signal processing technologies. MEGAN TECHNOLOGY uses the latest telecom network technologies, which enables a highly flexible installation and dramatically reduces initial investment and operative costs.
How does it work
The secure authentication and payment validation technology underlying our company is called MEGAN.
MEGAN uses the mobile phone’s channel to transmit secure information used to electronically sign transactions. All phones can make payments using our company irrespective of the cell phone model or network operator being used. You do not need to modify your cell phone in order to use our company. Once you have registered you may instantly access your client space on website to load money on your account using a credit card (VISA, MASTER CARD,)
How do I pay using my cell phone?
Life couldn't have been easier for customers who are taking services from various service providers. MEGAN has brought out a scratch card system to make the process of payment easier for every consumer. This Scratch card can be purchased from various distributor channel appointed by MEGAN, MEGAN delivers Scratch card through distributing channel. This easy to use scratch card follows the distributor to end user route where the cards MEGAN goes to its distributor, then to its retailer, then to end user or customer. For the convenience of a consumer the cash card will be made to remote areas also so that a person does not have to travel far. The system works in a very simple way as mentioned below:
1 The Customer buys the Scratch Card from the market
He then dials the number (aided by the IVR which prompts the customer and guides the person through the steps in very simple English or Local Language)
The consumer needs to type in his or her citizen card (like green card) number which is unique to make the payment and thereafter has to follow the instructions given on the IVR or the card whichever is convenient.
After the customer follows the payment method he will be prompted to make payments for which ever service he wishes to pay for this can be for power, telephone, water, etc.
2. Customer pays money to the retailer and retailer pays to distributor after deducting his commission.
3. Distributor in turn pays to MEGAN SYSTEM after deducting his commission.
4. MEGAN SYSTEM deposits this money to its bank account. So customers’ money is stored in the bank.
5. The customer then issues instructions for payment to MEGAN SYSTEM through sms and or through dialing with the help of the automated IVR to pay his bill to the companies on his behalf.
6. MEGAN SYSTEM generates invoice on the customer’s behalf and deposits the money to the companies / to the bank account through net-banking / cheques etc.
7. Hence any payment can be tracked / audited from MEGAN SYSTEM’s Bank Account.
8. All the financial transactions would be done through scheduled banks
How do customer credit in Our company account ?
You can add money to your Our company account on the web using your credit card or directly through the merchant using any accepted payment method. On the web access your client space securely by answering your cell phone when Our company calls to authenticate you. Then select the merchant account that you wish to add money to and click on “credit” at the top right of the page. This will bring you to a secure PayBoxªsite where your payment information will be entered and processed. For added convenience, change your Our company settings to automatically recharge your account with a bankcard.
To add money to your Our company account at the store, first give the merchant the amount that you wish to credit your account with (in cash, card, or other accepted payment methods). When the merchant instructs you to do so, call Our company (using the usual number ) and dip your phone in the Pad just as you do for a payment. A text message will be sent to you to confirm the credit transaction.
Solutions
Our solution is completely mobile network agnostic which means “All phones can make payments using Our company no matter what phone model or network operator. You do not need to modify your phone in order to use our mobile payment.
Our company’s solutions allow all existing mobile phones to become a payment instrument or to act as a Point-Of-Sales (POS) terminal, therefore bringing payment services to all mobile phone owners. Also, with Our company, a cell phone becomes a secure personal device that can sign internet transactions and process strong authentication for web access to sensitive data.
Due to its simplicity Our company mobile payment has wide appeal, is easy to deploy and open to everyone – there are no complicated software downloads necessary and no restrictions to enrolment.
Let’s look at various scenarios how a client can transact from his Our company account:
Users can load their Our company account with CASH or ONLINE with an EFT-transaction or debit/credit card
Banks may also offer clients the possibility of using Our company to make transactions using the funds in their bank account.
1. Deposit Cash
Users can deposit cash at an Agent. Agents have pre-funded accounts used to load clients’ Our company accounts or make transfers on behalf of clients. Our company calculates the Agent’s commission and provides user-friendly transaction reporting for both clients and agents.
When authorized by the system merchants can also load client accounts using a Mobile Payment Terminal (MPT) such as the Mob1600, their own phone (Mobi1000 transaction)
Load using a payment card
On Our company website clients can add funds to their Our company account with an e-transaction, send money to other Our company accounts, or access their transaction history to verify expenses and manage savings and sub accounts. The user’s phone must always be present to effect a Our company transaction on the website; in this way, MEGAN TECHNOLOGY provides complete security for a Our company account.
Loading a Our company account online using a payment card is simple. Clients simply log in to their client account, enter the amount they wish to credit, and then enter their payment details once redirected to a card payment webpage.
Link to existing Bank account
Banks may offer their customers the possibility of using Our company as a means of payment for their existing bank account. By linking their bank account to their mobile phone number customers can immediately make a range of financial transactions. When linked to a bank account, Our company simply sends payment orders to the Bank’s back-office when the platform receives MEGAN TECHNOLOGY secured payment requests. Thus, banks can offer a more cost effective and accessible means of payment than card alternatives.
Our company offers four ways to move funds between Our company accounts: proximity transfers, remote transfers with IVR, remote transfers through the Our company website, or remote transfers facilitated by an agent.
Our company can be set up so that receiving a transfer automatically enrolls new users. This feature of the Our company mobile payment system makes it highly viral. Our company’s P2P payment gives funds in a Our company account the flexibility of cash as well as the security and functionality of bank-enabled money transfers.
Proximate person-to-person transfers
Users can transfer funds between phones easily and securely using MEGAN TECHNOLOGY to sign the transaction. To do this, both the sender and the recipient call the Our company server and then the sender enters the amount he or she wishes to pay followed by the # key and pass code. The Our company server instantly transmits an MEGAN TECHNOLOGY cryptosound to the sender’s phone, which makes the requested transfer when it is heard by the recipient’s phone.
The sender and recipient of a proximate P2P payment do not have to exchange phone numbers; they just need to hold their phones close to each other. While this payment procedure may be used by retail stores, Our company has a more streamlined procedure specifically adapted for the retail context (see “Retail Payment” below). Nevertheless, Our company retail transactions can use the proximate P2P payment procedure as a back up for accepting customer mobile payment.
Remote person-to-person transfers: Web and IVR
Our company offers two ways to send funds from a Our company account to another mobile remotely. This can be done directly from the sender’s phone or on the Our company website using the “Gift” function. IVR (Interactive Voice Response) technology is used to enable remote P2P payments sent directly from a phone—the sender simply calls the Our company server and follows the verbal instructions—entering the amount to be sent, the phone number of the recipient, and a pass code to authorize the fund transfer.
Transfers via Agent
Agents can send funds directly on behalf of users who deposit cash. Agents use their pre-funded Our company account and have a dedicated web interface used to reload Client’s accounts or transfer funds on behalf of Clients who deposit cash. For transparency and traceability, the funds are transferred from the Agency’s Our company account to the recipient’s Our company account passing through the sender’s account. The sender is authenticated with MEGAN TECHNOLOGY and enrollment measures are taken to meet Know Your Customer (KYC) requirements. Our company automatically calculates the fees due to Agents for this service.
3. Payments and Purchases
Retail payment
Merchants equipped with any of Our company’s Mobile Payment Terminals can accept payments easily and efficiently at their point of sale for an overview of Our company’s Mobile Payment Terminals). These “terminals” can be specially designed mobile payment terminals (Mobi1600, Mobi1200, or Mobi6000), the merchant’s own phone (Mobi1000), or even a computer with an internet connection (e.Our company). Merchants can authorize several Our company terminals or ordinary mobile phones to serve as payment terminals.
The Mobi1600 is the most popular Our company terminal as it offers a very user-friendly interface at the lowest cost (~80 Euros). This terminal uses a standard low-cost mobile equipped with a data SIM card to communicate transaction requests to the Our company server.
To receive a payment, the merchant enters the amount and the customer enters his or her phone number and Our company pass code on the terminal keypad. Our company calls the customer and the transaction is made when the customer places his or her phone on the terminal—the signature is instant (~2 sec). Each account is credited and debited accordingly for more details on Our company’s Retail Payment process).
Our company offers merchants the possibility of registering bank account information to receive their payments directly in this account. Transactions may be confirmed by SMS, vocal-message, email, or printed receipt.
Online payment
Clients can pay online merchants using Our Company. Upon checkout, the client enters their phone number and authorizes the transaction with MEGAN TECHNOLOGY-powered authentication. This guarantees that the client’s mobile was present and used to authorize the online transaction. The client’s Our Company account is debited once VSA™ has been completed. Merchants can easily integrate the VSA™ checkout tool into their existing e-commerce website and register their bank account details to receive the payments made by Our company users.
Agent Cash-out
Agents or merchants can act as a “human ATM” allowing users to withdraw cash from their Our company account. Transactions are made using MEGAN TECHNOLOGY technology, which offers a very high level of security and assures that the mobile is physically present at the transaction. Pass codes are typically used for additional protection of the agent and user accounts.
Since merchants can use their own phones to make transactions, existing networks such as Bank agents, retail chains, or Mobile Network Operator (MNO) airtime vendors can instantly perform cash-in and cash-out Our company functions using the phones they already own, the web, or another MPT.
Bridging the Financial Digital Divide
Vision: To provide an integrated payment solution that will address the use of our technology to enable people who are not served by financial institutions to start using financial services without having to access them through traditional bank branches.
Mission: To achieve the Vision through participatory research and capacity building of communities by bridging the financial divide and to bring cost effective solutions to a broad a market as possible.
Management Team
The members of our management team are strategic thinkers able to see the big picture, have diverse experience, and combine business insight with technical savvy, and are committed to creating superior value for all stakeholders – customers, employees, investors and society as a whole – by leading continuous innovation.
Contact Details :-
Sagar Dasgupta
Skype: john3294
Mobile: 9830425190
Email: info@netlinkgroup.in
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