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NEWS FLASH
2000 - 23 (July 2000) PRODUCTS, SERVICES & APPLICATIONS Telefonica - BBVA Venture to Develop New Wireless Payment System Amid the high-stack scramble among technology players to establish a winning standard for consumer m-commerce, Telefonica Moviles, the cellular unit of Telefonica, and Banco Bilbao Vizcaya Argentaria SA, joined forces to launch a wireless payment system that aims to be simple, secure, and efficient. The companies will create Movilpago Holding, a jointly owned company that will develop and market the new wireless system. Unlike the current payment systems offered by cell phone networks, Movilpago is not web-based and does not require a credit card. Because it uses a strip of radio spectrum normally reserved for diagnostic communication between operators and subscribers, customers will not be billed for telephone calls. To use the new system, consumers only need a mobile phone and a bank account. It is designed for payment of small purchases, for instance, a newspaper or a fast food meal. To execute transactions in real-time, Movilpago will establish a wholly owned banking unit that will operate as a clearinghouse between the banks. The consumer will use their Subscriber Identity Module card or SIM to validate their identity. The system is expected to roll out in Spain in the fall of 2000 and to 30 countries worldwide over the next two years. For more information: Mobileinfo Comments and Advisory: An interesting payment method but do you really need a different system for small purchases. Should a payment system not be universal? We think that you need a unified payment system that applies for small and big purchases and supports all devices. . Note: This news release may contain forward-looking statements. Readers should take appropriate caution in developing plans utilizing these products, services and technology architectures. All trademarks used in this summary are the property of their respective owners. NEWS
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