TORONTO – Canadians may soon be able to send and receive money using their mobile phone, thanks to a new application called Zoompass.
Launched Monday by mobile commerce company EnStream, Zoompass allows customers to link their personal bank account or credit card to load and transfer money via a secure account, much like PayPal does.
This will allow users to conduct everyday transactions such as splitting a lunch bill, requesting money from parents, or even pay a babysitter, directly from a mobile phone.
The service also has the ability for customers to make purchases in stores and on the Internet using the balance in their Zoompass account via a Zoompass prepaid MasterCard. The credit cards are enabled with PayPass technology which allows for contactless payments, meaning customers simply tap their cards at PayPass-enabled terminals across Canada, including some ATMs.
"The launch of Zoompass represents an important milestone in financial services that makes the mobile phone the central device consumers use to transfer money and make purchases," said EnStream president Robin Dua, in the announcement. "The Zoompass mobile service ushers in a new era in electronic payments that addresses a growing desire to move money quickly and easily between friends, family, and merchants."
Zoompass accounts may be accessed via the Internet, from the mobile web, or by downloading the application directly to eligible wireless phones.
All transactions are conducted in real-time using a secure payment system and a user’s own PIN number. Customer financial information is stored on servers, not on the mobile phone, so even if the phone is lost or stolen, the user’s Zoompass account remains secure.
Toronto-based EnStream is a joint venture company owned by Bell Mobility, Rogers and Telus. Zoompass is available to mobile users on the Bell Mobility, Rogers, and Telus networks, as well as customers of their respective sub-brands and affiliates including Fido, PC Mobile, and Solo Mobile.
