Daily Independent (Lagos)
Emma Okonji
22 October 2008
A simple, but high level technology that is new in the world and patented only to E-Tranzact, a switching payment company in Nigeria, is due for launch in October 28, 2008 in Lagos.
Announcing the new ATM mobile cardless known as E-Tranzact ATM CardlexCash, Mr. Valentine Obi, Chief Executive of the switching payment company said the product allows customer to withdraw money from any ATM machine whose banks are on the E-Tranzact platform, without the use of an ATM card. It is designed to ease customers of the need of carrying too many ATM cards, and in the case of one forgetting his ATM card at home, and he is in dare need to cash money from the ATM machine around him or his office, the Cardlexcash will address the situation. The new technology allows all of these, Obi said. According to him, it is a product designed for E-Tranzact global payment network that provides a solution which allows a transferor to transfer funds from his mobile phone to the mobile phone of the transferee, who then collects the funds at any ATM without the use of ATM cards.
What the transferee need do is to enter the access code and the card PIN into the ATM and the withdrawal is made with ease.
Obi explained that the revolutionary product, which leverages on a subscriber's mobile phone, the E-Tranzact platform and the ATM processor of partner banks to make funds transfer and collection convenient for the end-users, will bring smiles to the faces of the numerous unbanked persons in the country and beyond. He said "The E-Tranzact ATM Cardlexcash proposes a faster and convenient process of money transfer that eliminates going to bank or using an ATM card."
He said the practical demonstration on how the new product works will be demonstrated at the launch on October 28.
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