Sipho Phaloane local entrepreneur wants to convert airtime to cash with a product called Aircurrency.
In order for the product to lauch, Phaloane says he wants to buy one of SA’s mobile operators.
He explains every day, millions of people use their phones to buy goods and services.
He says that now, many of these transactions will have to be done using apps and smartphones, and be routed through a banking system.
Phaloane said, “Acceptance of this simple process will show that your air time is your curency, thus the invention is called Aircurrency,”Phaloane said the product’s target in late February.
Phaloane adds and invention offers a payment system from an existing mobile phone provider using airtime as currency.
This system involves providing a number of vendors associated with the product or service provider, which is registered on the network, as well as security software including program code executable using a computing device and data on a tangible medium.
Phaloane explains that the financial transaction is made using the phone by executing keypad prompts. These will identify
IDENTIFY Advanced biometric and RFID space control technology ensures confirmation of service, visitor and project identity
the phone operator and the network stop and send the code to the user’s device if they are conducting business of the same nature and a group of vendors for the same currency. The network operator must confirm by clicking immediately to complete the transaction.
The program in this case will also be managed by a mobile network operator and include encrypted software, which is used to hide information sent to the network and extract information received from the network operator.
The transaction can be completed in three different ways, the purchase is removed or removed at the subscriber’s air level.
Any phone model can be used for purchases and withdrawals.
USSD code *600*27*474# and a prompt will come up to confirm or cancel.
Smartphone users can choose USSD or use the QR code.
Scan QR code at till point or another smartphone where the charged amount is captured.
ATM card can be issued with a PIN and caters for both purchase swipes and money withdrawals on ATMs or at participating stores.
Phaloane points out that the above methods will enable users to make any purchases or withdrawals from any participating stores in their area without any hassle and no travelling costs.
“Purchase confirmation will be in the form of an SMS confirming your purchase amount and the balance of your airtime available,” he says.