C-Sam enters pact for secure mobile transactions

CHICAGO, US: C-Sam, a technology company founded by Sam Pitroda, and Germany-based Giesecke and Devrient, have signed an agreement to integrate and leverage their respective expertise in the area of transactions over mobile phones.

The pact allows them to offer customers a comprehensive secure transaction platform for mobile payments and other value added services such as mobile banking, money-transfers, ticketing, bill and premium payments and advertising.

The two companies will target a host of potential clients worldwide, including banks, telecom companies, merchants, service providers and governments, a joint statement by them said.

"Our vision is to recreate the 'leather wallet' metaphor on mobile phones, providing the consumers with convenience, flexibility and security," said Mehul Desai, chief operating officer of C-Sam.

"This partnership brings us one step closer to realising our vision of transforming the four billion mobile phones worldwide into true digital wallets, with rich features and functionalities for consumers, supported by the requisite security for the providers."

Kai Grassie, head of new business for Giesecke and Devrient, said the agreement was an opportunity to work with another application provider in the area that is necessary for valuable mobile applications like payments and banking.

C-Sam markets two main solutions -- M-Payments and M-City -- while Giesecke and Devrient has a new mobile micro card with the features of a regular smart card, which just needs to be inserted into a mobile phone's card slot.