· Other mobile payment systems operate with an intermediate entity, this requires customers to open separate accounts which are different to their usual bank accounts in this entity. Customers need to replenish these accounts either by cash payment or through their credit cards.
· As intermediate entities manage separate customers’ accounts; they are requested to cover transactions monetary value through a bank guarantee.
· Previous art mobile payment systems are prone to illegal actions such as money laundry and money transfers to support terrorism. Governmental authorities therefore place considerable scrutiny on such systems before granting a license to operate.
· Most previous art requires the enhancement of handsets or SIM chip with new functionalities and applications.
· Real Time Person-to-Person (RT P2P) transactions in prior art is available between users having accounts within the same bank.
· In other mobile payment systems, there is no real time payment as it needs lengthy process of money transfer between banks.
· Most of the other systems rely on the mobile operator.
· MYMO has resolved all the above mentioned problems.