MobiBucks.com - Pay With Your Phone Number

MobiBucks offers a new way to purchase items in stores that involves no cash, no credit cards, and apparently, no hassle. Instead of traditional payment methods, MobiBucks lets you pay for your purchases using only your mobile phone number and a 4-digit PIN. To use MobiBucks, you'll need to register for the service online or at a participating store (don't worry, it's free). Then, add money to your account using cash, credit card, or transfer from your bank account (you can do this online or in the store itself). The merchant will enter in your mobile number and PIN into the MobiBucks machine, and you will immediately receive an SMS text message confirming the transaction. Additionally, you can manage your MobiBucks account online to keep track of your withdrawals and deposits.

"MobiBucks is a secure and innovative payment solution that enables customers to pay for everyday purchases with just their cell phone number and a 4-digit PIN. Consumers love it because it's a free, convenient and secure way to pay without their wallet. Merchants love it because it helps them attract and keep loyal consumers that spend more with greater frequency.

Our goal is to help merchants improve the profitability of their businesses while also enhancing the customer's experience. We feel we can do this by converting up to 50% of merchants' cash transactions into electronic transactions".

From a merchant's perspective, MobiBucks could be a potential money saver because it cuts down on cash transactions and makes the shopping experience more convenient and easy for customers. From the consumer side of things, MobiBucks is also helpful, because it eliminates the need to carry cash or credit cards; it could be an appealing service because it minimizes risk of theft.

While MobiBucks reduces the risk of theft in the physical sense, it's unclear how secure MobiBucks is electronically. If the service only requires someone to know your mobile hone number and a PIN, it seems like it would be relatively easy for that person to gain access to your account. What security measures does MobiBucks ask from its merchants? Must clients present a photo ID or other information? Also, MobiBucks' claims that it can speed up transactions seem a little hard to believe; nowhere on the site is there information about just how exactly a MobiBucks transaction would be faster than a credit card payment.