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The companies said that over the next 12 months they would work together to develop a range of micro payment services that will be launched to Eircell's 1.6 million customers by mid 2002. Already Altamedius has developed its own modular payment intermediation platform that it will use to deploy the new services.
The micro payment services that will be offered by Eircell Vodafone will facilitate the purchase of small value goods and services by customers through the Internet, via Web, WAP, IVR (interactive voice response) and vending machines. The company said that all transactions will be carried out in a secure environment and will allow users to purchase items such as cinema and concert tickets, CDs, books, games and ringtones without the need for a credit or debit card.
Although the companies would not comment on the details of the system, it is understood that it will let users make purchases via a mobile account. Such an account could be topped up with cash, through a pre-paid system similar to that used for pre-paid mobile phones. The account could also be topped up using a credit card or bank account.
A system such as this could be incredibly popular for teenagers and young adults who make up a large portion of the mobile phone using population and who are generally more comfortable with electronic transactions. Jonathan Byrne, head of e-commerce, Eircell Vodafone said that the company expects this service to be of particular appeal for customers aged between 16 and 24.
Altamedius, along with Eircell, are looking to tap into an overall market that experts claim will boom over the next five years. A report from the Yankee Group says that premium services delivered over a mobile phone, such as games and ring tones, will enjoy a bright future in Europe.
In its report the US-based research company said that of the three m-commerce categories (premium content, remote payment, and local point-of-sale applications), premium content represents by far the "largest and most immediate" revenue opportunity. The company said that premium content will generate over 75 percent of all m-commerce transaction revenues by 2006, a market estimated to be worth USD40 billion in Western Europe alone.
McDonnell also said that the company was looking to announce a number of deals in the upcoming months with other mobile operators and said that in the first half of 2002, the firm hoped to announce a significant deal with a major bank for its mobile payments technology.
In January of this year, Altamedius (then know as Artic Web) raised USD3 million in funding from Delta Partners and Vertex Management. At that time the company said it would look to raise more funding by the end of 2001. McDonnell said that the company was now considering the possibility of a second round of funding in the coming weeks but said it was not a major concern. He said that it would address the issue more seriously in the spring of 2002, if it decided new funds were necessary at that time.
The company currently employs 30 and can befound on line at http://www.altamedius.com.
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