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Gemalto deploys m-banking service

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Dutch digital security company Gemalto and Colombia's largest banking network Redeban Multicolor have launched a mobile banking service for all GSM operators, Gemalto said in a statement.

Gemalto's m-banking solution allows mobile subscribers to perform secure transactions and make payments, transfers and requests for information.

Gemalto's solution includes a software application stored in the mobile phone's SIM card. The transaction is encrypted in the SIM card and decrypted at the bank's server, which translates the messages to a specific format.

"The m-banking menu is already available to more than 20mn GSM subscribers in the country. Our initial expectation is that 20% of this customer base will execute at least five transactions per month," said Redeban Multicolor's VP for technology and operations ValentÉn Echeverry.

The service is available for Comcel, a unit of Mexico's AmÉ©rica MÉ≥vil, Movistar Colombia, owned by Spain's TelefÉ≥nica and Colombia MÉ≥vil, which operates under the Tigo brand and is controlled by Luxembourg's Millicom International Cellular.

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Tags: sim card  gemalto  m-banking  mobile banking  movistar  tigo  millicom international  millicom  Colombia