Frequently Asked Questions

  1. How is Smart-Chip Mobile Banking different than WAP Mobile Banking?
  2. What does E2E Security Module mean?
  3. What happens if I lose my phone?
  4. What would my day look like if I could use my cell phone/handheld in all the ways you suggest and more?
  5. How does it work (data flow, parties involved?)
  6. Why is Mobile Banking with KeyZap Inc. so secure?
  7. What will I be charged?
  8. How fast is it?

1. How is Smart-Chip Mobile Banking different than WAP Mobile Banking?

1) High Security. You have to know the login PIN for the smart chip that is embedded in your phone, and there are limited login attempts allowed, to prevent malicious cracking of your PIN. Further, the chip has firewalls within itself, so other parts of your phone can not access the information it contains.

2) Efficiency - Use of the chip ensures that you are not spending a lot of air-time. This saves you money, and allows you to do off-line transactions as well as connected transactions.

Take a look at this chart to further understand the differences:

  Chip Mobile Banking WAP Mobile Banking
Customer On-line Banking User With Mobile phone based on Chip On-line Banking User using the World Wide Web
Phone Mobile phone with Chip Wap/VM Phone
Security Chip security + Plus E2E security module ( SSL ) Only E2E ( SSL )
Banking Data Connection The chip in the mobile phone connects to the Bank. Telcos can not open the data contents. It goes directly to the banking server. Data passes through the Gateway of the Telco server and then the data is routed to the bank.
My data In my Chip With most other WAP providers, your information is stored somewhere else, and is accessible through the internet.
Transaction Quality Using a Hot Key, access is easy & simple. Impossible to copy the Chip banking information. Complicated Input Process
Hard to find the menu items
On/Off Ability On-line & Off-line transaction Only On-line transaction
Air charge Less air time means lower costs Higher (more connection time)
Others Additional Services (use for purchases and payments, Credit cards, Membership s etc.) The chip stores all this information locally.  

2. What does E2E Security Module mean?

E2E means "End-to-End". All information is encrypted at the phone, and decrypted at the bank.

3. What happens if I lose my phone?

There are several things that happen.

1) Unless someone knows your PIN, they can't get at the information.

2) If they try more than 3 times to enter an incorrect PIN, the chip is disabled.

3) Wireless SMS Lock Function. If a customer loses the phone, a special SMS signal to the phone will disable m-commerce functionality.

4. What would my day look like if I could use my cell phone/handheld in all the ways you suggest and more?

A day in the life...
Wake up - check messages
Leave house - lock door keylessly
- walk to bus point & pay (wireless debit or RFID fare)
Bus ride - book tickets for show, call office, read news on the phone
Downtown - buy breakfast (point & pay)
- top up my cash chip
Office - get juice from vending machine (point & pay)
- video check-in on cat/dog
Bus home - online purchase and points redemption, reserve taxi
- turn on lights and turn up heat/air (remotely)
Home - door unlocks with phone/chip
- order pizza and receive it at my door(point & pay)
- leave for movie (taxi point & pay)
Movie - redeem e-coupon, point & pay for spouse

5. How does it work (data flow, parties involved?)

For mobile banking, the encrypted data is transported along the carrier network to the bank server where it is processed like any other transaction you make today with your credit card or debit card.

Data Flow Image

6. Why is Mobile Banking with KeyZap Inc. so secure?

It is secure for three reasons:

1) The Smart Chip itself has many security features embedded

2) Encryption is used to ensure the data is protected in the transmission

3) The transaction occurs on a protected cellular network independent of an internet network (which is NOT secure). This point is a very important. Unlike the internet, private cellular networks make it very very difficult (even impossible) for hackers to hijack nodes for any extended amount of time.

7. What will I be charged?

Your bank will determine their fees associated with your mobile banking transactions, in the same way that they currently determine what your interac fees are.

8. How fast is it?

The system is as fast as the air speed of the telco carrier you use. Because all the data and information is managed locally, only one request goes out over the cellular network.

It just takes just a few seconds! In fact, it is actually faster than WAP technology (using the net with your phone) and more secure than SMS.

If we haven't answered your question, please email it to key@keyzap.com.