MARLBOROUGH, Mass., Feb. 20, 2007 (PRIME NEWSWIRE) -- Cyphermint, Inc., a leading provider of global electronic payment, integration and e-commerce infrastructure solutions, is pleased to announce that it has released the PayCash Mobile Wallet(tm), an upgrade of its PC based wallet, to a enhanced web based solution. Cyphermint is currently in the process of converting its 20,000 U.S. Wallet users and its 6,000,000 worldwide users to the new PayCash Mobile Wallet, which can be accessed by any web enabled mobile device worldwide.
The long anticipated upgrade -- two years in the making -- frees consumers from having to be at an Internet terminal in order to pay bills, send money or shop online. PayCash Mobile is the ideal solution for the quickly expanding remittance market. It creates an opportunity for financial institutions and remittances companies to tap into the rapidly growing un-banked immigrant market that traditionally sends money back home. The result and benefit is a substantial cost savings to the financial institution as well as the consumer. The easy-to-navigate customizable menu allows users to securely send money in real-time and thereby get notification when the recipient has successfully received the funds. Users could then use the PayCash NOW(tm) Card or any other stored value card to withdraw the funds at any of the participating ATMs in the network worldwide.
PayCash, with its enhanced patented digital security, authentication and processing features, is designed to be highly secure and highly scalable with the ability to integrate credit, debit, stored value cards and bank accounts for funding of all types of mobile payments and transactions. Other consumer friendly options that are included in this upgrade are recurring payments, real-time balance inquiry, instant mobile messaging confirmation on all transactions and local and international person-to-person transfers.
Backed by PayCash's inherent 1024-bit encryption and its years of experience in the Internet, kiosk and mobile payments market, this technology platform enhances PayCash's already impressive financial portfolio of products and services: PayCash NOW(tm) Debit Card, the PayCash Mall, PayCash BillPay(tm), PayCash Remote(tm) and PayCash Mobile(tm).
Cyphermint's President and CEO Joe Barboza said, "We are proud of the advancements we've made to date with our PayCash Wallet. It has transformed from a simple, but highly secure method to shop and transfer funds online, to a scalable, multilingual platform that is keeping pace with technology and the ever-changing financial needs of our of consumers worldwide."
There are approximately 2.5 billion mobile phone users worldwide, who already browse the Internet, check their email, and download games and music. The next logical step is to send money, shop and pay for goods and services on their cell phones. PayCash Mobile is a secure, easy to use payment system designed for today's consumers on the move. PayCash mobile is multi-lingual, handles just about any currency and works with any carrier and any web-enabled phone. With PayCash Mobile the transition from brick and mortar banking to "one-click" financial applications via the mobile device has made the cell phone more important and relied upon than the personal computer.
About PayCash
PayCash is a highly secure, electronic, cash-backed online payment system. Every dollar of electronic currency is backed with real currency that Cyphermint has already collected. Settlement is instantaneous; the money moves immediately from the consumer into the merchant's PayCash account.
PayCash provides the security and assurance consumers want and need. PayCash transactions use a proprietary 1024-bit encryption technology to exchange data over the Internet. All transaction records for the consumer, merchant, and Cyphermint are available and stored with the same 1024-bit encryption technology.
About Cyphermint, Inc.
Headquartered in Marlborough, Mass., Cyphermint is a provider of Global Electronic Cash Payment and e-commerce solutions. Our core technology, PayCash, is used in three major areas: (1) Pre-paid and emerging consumer market, featuring Cyphermint's stored value card for secure retail and e-commerce services for the un-banked, (2) Kiosk Solutions -- delivering web-enabled highly secure self-service B2C merchandising systems, and (3) The PayCash Mobile technology that can be used by today's web-enabled wireless devices. The PayCash System provides un-banked consumers access to financial services such as Internet shopping, bill payment and debit cards. Cyphermint's software solutions provide complete turnkey solutions that deliver secure web-enabled transactional, financial self-service and merchandising services to merchants and consumers on the Internet, self-service kiosks and on cell phones, smart phones and Internet-capable PDAs. www.cyphermint.com.
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