A South African company, Swap Mobile, has developed a new payment system that's available on all cellphones.

Individuals and businesses can receive payments into their Swap Wallets and can bank the funds into their linked bank accounts, also directly from their cellphones.
Able to replace cash, Internet transfers and cheques – the system allows payments to be made and received anywhere and at any time.
A business or individual receiving a payment receives an instant SMS notification of payments received in the wallet. And the person making the payment from a Swap Wallet can keep track of payments by calling up a mini-statement on their cellphone.
Meanwhile Swap Codes offers monthly statements, e-mail notifications and the ability to capture reference details from customers – as well as scheduled batch payments transferred directly to business bank accounts and the ability to accept credit card payments.
When a customer uses a cellphone to dial a business's Swap Code, a payment screen, customised with the business's details, appears. From this screen, the customer can use menu selections to make a credit or debit payment directly into the bank account of the business, all in a matter of minutes.
For Wallet holders, there are no monthly fees or per-payment charges and access to balances and mini statements is complimentary. Payments received through a Swap Code attract a nominal fee of 3,5% and payments made into Wallets a fee of 1%.
A SWAP Wallet can be topped up with funds by way of an EFT to an Absa account using the target cellphone number as a reference. Salary transfers can be made to the same account, and a debit order top-up from a linked account can be initiated from the cellphone. A Wallet is also topped up when it receives a payment from another Wallet.
In order to withdraw Wallet value, the Wallet holder can bank it to his linked bank account or make a payment to an other Wallet holder's Wallet in exchange for cash.
Josh Loock, marketing & sales manager at Swap Mobile, says: "Swap is the most cost-effective payment solution currently in the market, for businesses and
their clients.
"Mobile payments are also an effective way to capture new revenue from customers who have no other way to pay, or who simply prefer the convenience and safety of paying from their cellphones."
Safety and security are addressed through the development of a security framework consisting of a combination of both technical and operational security standards and structures thereby ensuring a security level appropriate to an e-commerce solution.
Swap is an authorised Payment Service Provider and is registered with PASA and WASPA.