E Money Licence
Purchase of physical goods and services with an e licence
Through our E-Money licence, we supply a straightforward , API driven, payment method which allows your customers to purchase physical goods and services, through their existing mobile phone account, authorised through the FCA (Financial Conduct Authority). There is no stepping away from the payment experience in the consumer journey, with an easy way to make a payment.
Tola’s solution allows your customers to pay via their existing mobile phone. As a merchant there’s no need for you to collect any customer credit card or bank information to complete the sale, your customer simply uses their mobile phone number to authorise payment.
Tola is the new, secure and convenient way to acquire new customers for your service, application or shop. The E-Money licence has been passported to United Kingdom, Ireland, Germany, Netherlands and France.
What are the advantages of an E Money Licence?
The advantage of holding an E-Money licence is that we are a separately licenced entity within the value-chain, and therefore outside of the spending limits imposed on the MNOs under their exemption. The E-Money licence, regulated by the Financial Conduct Authority (FCA) also allows for the sale of physical goods through the Mobile payment channel. However, this was in place before PSD2.
The other impact is the requirement for 2-factor authentication on every payment, and the restriction on the ‘billing identifier’ being taken by the payment provider from the network.
Here the ‘billing identifier’ is the Mobile phone number, and this has to be provided by the subscriber during the discovery phase of the acquisition of the mobile payment. This aligns the process more closely to credit card payment acquisition.
The requirement for 2-factor authentication will introduce a level of payment authentication, authorization, and transparency not previously seen in Mobile Payments. It brings the industry much closer to that of credit cards – hopefully bringing in the levels of trust associated with credit card payments but with the ease of use and convenience of just using your Mobile phone number to make purchases for goods and services.
Find out more about PSD2 and implication of the positive impact on payments and digital commerce.
The Tola team have a very in-depth knowledge of mobile payments and are very easy to engage with during the different integration phases. We look forward to working with Tola as we continue to enhance our mobile commerce product development and the billing options available to our customers.