MARLBOROUGH, Mass., Aug. 1, 2007 (PRIME NEWSWIRE) -- Joe Barboza, President & CEO of Cyphermint, Inc., was invited to address the Senate Committee on Telecommunications at the State Duma in Moscow, Russia on June 28, 2007.
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The State Duma, which is the Russian Parliament, held this meeting for the purpose of discussing standards and guidelines for global payments using a mobile device. Members of the Russian legislature were highly interested in the experience in the United States with mobile payments as an alternative to banks and credit cards for the un-banked consumer, since a majority of Russian consumers are un-banked.
Mr. Barboza, speaking on behalf of Cyphermint and its mobile technology, PayCash Mobile(tm), said, "PayCash Mobile is designed to provide technology, applications, security standards, and services to engage the un-banked consumer on a global basis. By setting the standards and providing the security that is required globally, PayCash enables financial institutions and merchants to reach the un-banked consumer and engage in mCommerce and financial services regardless of the cell phone make or model or the consumer's current service providers. Consumers have found PayCash, with its easy-to-use menu driven point and pay solution, a better way to manage their finances. Providing un-banked consumers access to goods and services, previously available only to consumers with bank accounts and credit cards, is a huge economic benefit to all parties -- all of which is accomplished while meeting the regulatory and financial reporting guidelines each country has adopted."
About Cyphermint, Inc.
Headquartered in Marlborough, Mass., Cyphermint is a provider of Global Electronic Cash Payment and E-commerce solutions. Cyphermint's patented technology, PayCash, is used in three major areas: (1) The PayCash Mobile technology used by today's web-enabled wireless devices (2) Kiosk Solutions -- delivering web-enabled highly secure self-service B2C merchandising systems, and (3) PayCash Internet Payments providing un-banked consumers access to financial services such as Internet shopping, bill payment and debit cards. Cyphermint's software solutions provide highly secure, highly scalable web-enabled transactional, services to merchants and consumers on the Internet, self-service kiosks and on cell phones, smart phones and Internet-capable PDAs.
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