Business Description:MoFiST aims to provide secure mobile phone based e-commerce transactions and has developed the revolutionary technology (patent pending) to deliver an answer to strong authentication needs of on-line service providers.
ESafe, a MoFiST product, is a compact mobile application that enables the users to complete e-commerce transactions without having to divulge financial data. It strengthens the two factor authentication approach by providing a second channel. This advantage is provided in a cost effective and convenient manner as it leverages an existing device.
Once installed on the user's mobile device, it enables consumers to generate transaction specific, amount specific, event based transaction number, which can be used to complete ecommerce transaction without giving away any sensitive information like credit/ debit card number.
E-Safe is a password protected application that supports multiple credit/debit cards. It thus provides additional convenience to users by obviating the need to carry multiple cards.
E-Safe is easy to integrate into merchant site using a simple API. This gives e-customers a seamless secure; browse and buy experience, with single click purchase. Customers benefit from enhanced sense of security and protection from the risk of online fraud. The improved consumer experience means lower dropout rates, more returning visitors and increased revenues.
Industry:Telecom/ Mobile
Founded in:2007
Source of idea:Systematic search for business opportunity
Significant Competitors:PayMate, mChek, Virtual Cards, Verified by VISA, Mastercard Securecode
Company Details :
Company Name:MoFiST Solutions
HeadQuarters:Mumbai
Stage of the company:Have prototype
No of Employees (2006):Did not exist
No of Employees (2007):6-15
Office Locations(2006):Did not exist
Office Locations(2007):0-1
No of companies promoted:No
Profits (2006):Did not exist
Profits (2007):preprofit
>Partnerships:
Initial Funding:Personal savings
Addl Funding:Family & friends
Institutitional Capital:No
Revneue Model:There are two main revenue sources for ESafe product:
*License and installation fee for Banks adapting the solution for its credit card users.
* Per transaction fees from the online payment gateway and merchants adopting the solution.
Awards & honors:N.A.
Promoters Details :
Promoters Name(s):Akash Dongre
Age:24
HomeTown:Nagpur
Education:Bachelors
No of companies promoted:No
Family Background:First gen entrepreneur
Job:Project lead at Octane Technologies
Ex-Job Description:Mobile games and application development
Favorite Book/Movie:Build to last
