It looks like the securePay system - designed to allow secure payments to be made from cards using a mobile phone - is now ready to roll.
The service, which was unveiled yesterday by Telsecure, was developed in association with Sybase365 and Ingenico.
The idea behind the system is to act as an authenticated and secure system for use where the cardholder is not present - i.e. for phone and Internet mail order purchases.
The developers claim that the launch of securePay follows four years of R&D working with a variety of organisations, including APACS and VisaNet.
According to Rashid Qajar, Telsecure's chief executive, whilst Chip & PIN has succeeded in reducing fraud in the retail environment, fraudsters have switched to Internet, mail and telephone ordering transactions to complete their frauds.
"The problem has never been bigger and I am very pleased to announce that we have a product that can practically eliminate such risks once adopted by the banks and their customers," he said.
Telsecure claims that the securePay system will work on all of the UK mobile networks. Watch this space...