“Tootpay’s solution is based on an overlay chip for the customer’s mobile phone. The overlay chip is a stick-on solution that fits onto any standard SIM card of a GSM handset. A menu-based interface is deployed for simplicity and ease of use. It’s not internet or telco dependent and deploys with multiple authentication methods and end-to-end encryption to provide a high level of security for its mobile transactions. As such, barriers to mobile banking such as mobile phone handset incompatibility, dependency on telco service providers, non-existent mobile internet network coverage, fraud, and more are minimized.”