In Partnership with MTC-VODAFONE, M-Net's Mobile Payment Service Goes Live in Kuwait!

Kuwait, January 30, 2005: M-Net for Automated Banking Services, the first and leading mobile-payment provider in the Middle East, today announced in a press conference the official launch of its cutting-edge mobile-payment services across Kuwait.

(PRWEB) February 1, 2005 -- M-Net for Automated Banking Services, the first and leading mobile-payment provider in the Middle East, today announced in a press conference the official launch of its cutting-edge mobile-payment services across Kuwait.

The announcement, which concluded a six-month testing phase comprising 120 users and 48 points-of-sale through various merchants, establishes Kuwait as just the fourth country globally to have widely accessible mobile payment services.

Mobile payment (also referred to as m-payment or micro-payment) allows customers to conveniently pay at various points-of-sale using only their mobile phones. It also allows retailers, service providers, restaurants, and home delivery services to be 'always connected to their customers, ultimately offering the widest possible choice and flexibility of payment.

We are extremely excited about our new service and what it means for customers, merchants, and Kuwait," said Vice Chairman of the Board Mr. Ibraheem Al-Khuzam in a speech during todays press conference. The press conference was attended by Board Member Mr. Adel Al Majed, M-Nets General Manager Mr. Hussam Al Roumi, and members of the local and regional press.

Al Khuzam said, M-Net was established in 2003 with a mission to bring added convenience and security to the payment processes customers undergo on a daily basis for goods and services.

Our goal was always to empower people to efficiently manage their day-to-day expenditures, and to connect merchants to their customers rising demand for convenience and security in purchasing. Our dream was to achieve this by employing widely-accessible and cutting-edge new technologies.

Today, almost two years later, we turned our dream into a reality by launching the first widely accessible mobile-payment services. We could not have evolved this far without our strong strategic partnerships with some of regions leading businesses, such as M.H. Alshaya Co., the National Bank of Kuwait (NBK), Mobile Telecommunications Company (MTC-Vodafone), and Al Roudhan International Group."

Merchant Network
M-Net General Manager Mr. Hussam Al Roumi said, we have a strong network of merchants that includes retailers, restaurants, delivery services, and service providers. Starting today, customers can start ordering flowers from Al Jarrah Florists and pay for their orders directly through mobile phones from the office, work, or home. Customers may also benefit from the convenience of paying for dinner at the exclusive Le Notre restaurant or the trendy Casper & Gambinis restaurant without the need to carry cash, or even a wallet."

Al Roumi elaborated, the response we received from out test users during the trial phase was phenomenal, given the fact our network was growing during trials, they continued to pay though M-Net and ultimately registered 1000 payment transactions worth KD 5000.

Today, we have already secured market leading merchants and we will continue to grow our merchant network until we have mobile payment available in every retail store, coffee shop, delivery service, service provider, and restaurant in Kuwait," he said.

Proven Technology and Security
M-Nets mobile payment technology is run on a secure platform with a proven global track record that was tested and operated in Europe. The technology was further developed in Kuwait by banking and I.T. experts, so that each transaction is executed through both Kuwaits highly secure banking network and the internationally-encrypted GSM network.

We have invested in the latest technology platform to not only meet, but exceed the high expectations of trust and security people expect for handling their money. We took every necessary step to make sure that the M-Net platform interacts with merchants using secure connections. As a result, we have developed a method of payment that is technologically advanced, secure and easy to use", said Board Member Adel Al Majed.

This is achieved by connecting customers mobile phones directly to their National Bank of Kuwait (NBK) account, while ensuring that payment is only authorized when customers use their M-Net registered mobile-phones and enter their unique M-Net PIN number," he said.

Person-to-Person Money Transfer
In addition to enabling customers to shop without cash and to pay without being physically at the point of sale, M-Net also enables users to transfer funds from one M-Net enabled bank account to another M-Net enabled bank account through their mobile phones while on-the-go.

ENDS

About M-Net for Automated Banking Services (K.S.C.C)
Established in 2003, and launched in January 2005, M-Net for Automated Banking Services (M-Net) is Kuwaits first mobile payment service provider. M-Net is licensed by Kuwaits various regulatory authorities and has strategic partnerships with market-leading companies such as: MTC-Vodafone, National Bank of Kuwait, Quality Net, M.H. Alshaya Co., and Al Roudhan International Group.

M-Nets mission is to bring added convenience and security to the payment processes customers undergo on a daily basis for goods and services, achieved by employing widely-accessible and cutting-edge new technologies. Its goal is to empower people to efficiently manage their day-to-day expenditures while connecting merchants to their customers rising demand for convenience and security purchasing. M-Nets core service is the ability to deliver mobile-payment services based on new and unique advanced technology.

Mobile Payment
Built in Europe and modified in Kuwait by banking and IT experts -- this technology enables customers to conveniently pay with their mobile phones at points-of-sale or remotely. It simultaneously allows retailers, service providers, restaurants, and delivery services to always be connected to their customers by offering them unlimited choice and potential for payment. (www.mnet.com.kw).

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