Sapphire Mobile Systems Launches Phire Mobile Banking, Payments

Phire does not require any equipment upgrades or changes on the part of the bank or their customers as SMS is already available on mobile handsets. The service allows consumers to check balances, transfer money between accounts and pay bills through their bank's existing bill pay system.

"Using Phire with your existing bank or prepaid debit account is not only easy, but a compelling alternative when payment by credit card is not possible and carrying large amounts of cash is not safe or secure," commented Richard A. Rasansky, CEO of Sapphire Mobile Systems. "Phire uniquely uses SMS as a secure transport medium to reach all mobile users regardless of their phone type, level of technological literacy or language preference. Young or old, high tech or low tech -- Sapphire was designed from the ground up to be readily available and accessible to anyone and everyone with a mobile phone, requiring no software downloads, installations or hardware upgrades."

Using the patent-pending Phire Mobile Debit Network, consumers can securely send cash to anyone with a mobile phone. The recipients of these mobile transactions will have instant access to their received funds at any ATM or virtually any point of sale device. Additionally, merchants can accept Phire payments at significant savings over credit cards. In short, the Phire system turns any mobile phone into a mobile ATM. Sapphire, headquartered in Philadelphia, PA, is privately funded. After two years in development, the company is currently in trials with two leading banks with a scheduled roll out of the first Phire-enabled products to the general public in the first quarter of 2007.