Bell, Rogers, & Telus Launch Zoompass Mobile Payment Service

Wireless carriers in Canada have been trialing various mobile payment services, and now the big three companies - Bell Mobility, Rogers Wireless, and Telus Mobility - have joined forces to launch Zoompass, a method of transferring money and making payments using one's mobile phone.

Zoompass can be linked to a bank account of credit card, than accessed on a PC through the Internet, or via a dedicated Zoompass app that resides on your phone. Funds can then be accessed or transferred; and owners can review a transaction history or check a balance right from the mobile device. The app can interface with the address book on select phones so that users can quickly send or request money from people in their contact lists.

There are small fees associated with the service. While setting up an account is free, it'll cost you $0.50 to send money from a Zoompass account; and $0.50 to withdraw funds. Receiving money is free. If you wish to send money from a credit card, you'll be charged 3.5% on the transaction. Data and SMS fees may also be charged, depending on the carrier. And as with any banking account, there are limits to each transaction, withdrawals, and balances.

Using an optional Zoompass Prepaid MasterCard, Zoompass customers can also make purchases in select stores using the balance in their Zoompass accounts. While the phone itself does not play into this equation, the card is enabled with PayPass technology to permit contactless payments with a PayPass-enabled terminal. These are found in several locations across Canada, like many gas stations and coffee shops. The MasterCard, of course, carries its own related fees.

The account is secure, using encryption technologies and a secure PIN. Every subsequent transaction is PIN-protected, while customer information is stored on secure servers rather than the phone. This means that even if the phone is lost or stolen, the Zoompass account and personal information remains protected.

"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," says Robin Dua, President of EnStream LP, the newly-formed joint venture company owned by the three carriers. "The launch of Zoompass represents an important milestone towards developing a mobile commerce ecosystem in Canada that provides users a convenient mode of doing everyday transactions with their phone."

Bell, Rogers, and Telus joined forces for this initiative in an effort to bring forth a "common standard and interoperability" for mobile money transfers across all networks. Zoompass will work on any of the three carrier services, as well as their affiliate brands Fido, PC Mobile, and Solo Mobile. Interested customers can enroll at www.zoompass.com.

Article Tags:  zoompass, mobile, phone, money, using, secure, launch, account, canada, three, services, paypass, across, enabled, purchases, customers, carriers, milestone, information, important, protected, users, represents, device, mobility, rogers, forces, joined, p