eSSecom Launches CellPay For Banking Sector

eSSecom, a trusted Third Party Processor (TPP) providing 24x7 transaction processing services with a major focus on the Internet and mobile commerce space, has announced a new solution called ‘CellPay’ that’s targeted at the banking sector. According to eSSecom, the solution will help banks broaden their customer base by allowing customers to pay bills with a single SMS via their mobile phones.

A win-win situation

eSSecom’s CellPay is a Java-based solution designed to help banks and other target verticals provide payment convenience to customers. The solution ensures that sensitive customer information is secured with a formal registration process. The actual payment transaction information carried is kept to the bare minimum, both from a convenience and security perspective.

K. Sambasivan, managing director, eSSecom, said, “We at eSSecom have been working on this software for some time now and intend to place this solution for verticals such as banks, financial service institutions, telcos and retail merchants. The idea is to enhance the services of the banks and other targeted verticals and help them transform into a one-stop-shop comprising of economics and convenience for their customers. Our process is designed in such a way that it’s a win-win situation for everyone involved in the whole process. The consumer gets all bill payments done over a single SMS or call. The provider gets his payment through direct debit which is immediate money.”

Three-step procedure

A three-step procedure has to be followed by the users of CellPay. The first is the Secure Registration Process, wherein the customer registers for the service, either at the service provider outlet or at the relevant bank branch or through net banking. Here, the customer can also register their choice of payment mode.

The second step is Payment Transaction, where the customer sends an SMS to a short code requesting payment of a service provider for a certain amount using one of the registered payment instruments. When the customer gets a message that his payment is due for a certain bill, all he needs to do is send an SMS ‘PAY Amount Name of the Service Provider’ (e.g. PAY Rs1000 to BSNL) to the given short code.

Subsequently, eSSecom verifies the details and processes the payment request according to the payment instrument. The customer is immediately notified of the successful transaction. The service provider is credited immediately as well. A similar solution is also supported for IVR.

Benefits for all

eSSecom intends to tap the 500 million bank account holders and 250 million phone connections (100 million land lines/WLL and 150 million mobiles) in urban and rural India.

“We have made this solution keeping in mind the easiest access that a consumer can have to the mode of payment. Customers can choose their payment instrument during registration. We are also providing people with the value-add of using their credit card to pay their bills but this is not our main focus. Today we have only 30 million credit cards issued in India, and considering that a card holder generally has multiple cards, we understand that this user community is very small compared to the number of people holding bank accounts and phone lines.”

From the service provider perspective, benefits include immediate credit of the amount, and customer retention with prompt payment collection and receipts, thereby enhancing the level of customer satisfaction.

Banks also stand to benefit as the transaction revenue is higher and the enhanced service levels result in the broadening of the customer base.