FonWallet is a powerful new mobile payment and transaction system. It is unique from other mobile payment solutions in both design and capabilities. FonWallet enables users to conveniently make secure payments from mobile devices while delivering direct benefits for banks, mobile carriers, card issuers, merchants and cardholders. FonWallet is created for banks, which will, in cooperation with the rest of the payments ecosystem, significantly reduce losses due to risk of fraud, theft and ID-theft and open opportunities for new revenue channels.
The guiding principle in the design of FonWallet is to understand and match the mobile user's expectations with the requirements of a mobile payment ecosystem. The FonWallet system integrates within the existing environments of banks, mobile carriers, payment processors, merchants and acquirers. This will lead to minimal disruption, increased security and will greatly improve the user experience.
Fonwallet is (Jan 2010) engineering the first version of the solution and is engaged with banks, mobile network operators, acquirers, card issuers, payment processors in North America