The University of Oxford has launched its own mobile payment app, called OxCept, which it says is the most secure payment system in the world. OxCept will be available in four to six months.The mobile payment arena has experienced some growth in recent years, although it certainly hasn’t become the most common form of payment system. People still prefer to use cash and cards, rather than systems like PayPal Here. However, the University of Oxford hopes that it will soon be able to change this, with its OxCept military grade payment system – a system that they claim to be the most secure mobile payment system in the world.
Mobile payments still require a card reader, but the aim is to bring card payments to small businesses and service providers that have not previously been able to accept them. Different platforms and services offer different hardware and software, but the OxCept system is different because it is 100% software based.
The OxCept app received £1 million in funding from the US and UK military. It has been tested by the Ministry of Defence and the app will be available in four to six months on Android, iOS, and Windows Phone.
PayPal announced its own mobile payment system, called PayPal Here, in August. Their system utilises a card reader that costs £99 and payments are processed on the seller’s phone via a free app. It also charges 2.74% for chip and pin payments, and 3.4% plus 20p for swiped transactions. It certainly isn’t cheap.
In contrast, OxCept will not require a card reader and it will only attract a fee of 0.05% per transaction, which means that it will be significantly less expensive than the PayPal alternative, as well as being more convenient and more accessible. The only question is whether it will have adequate marketing to really bring it to market.