WAY Systems‘ Mobile Transaction Terminal (MTT) combines low-cost mobile phone technologies with the capabilities of a Point of Sale terminal at a price significantly lower than a traditional Mobile POS terminal.

In addition, the MTT product integrates the security and functionality of POS/ATM terminals with the convenience of mobile phones to create a device that accepts payment and provides mobile communications almost anywhere at any time. With built-in magnetic stripe and smart card readers plus an external infrared printer, WAY Systems' Mobile Merchant Payment System provides a secure, encrypted, end-to-end mobile platform for payment processing.

Using GSM/GPRS, the international wireless standard, WAY's Mobile Transaction Terminal (MTT)™ is the first “out-of-the-box” wireless POS device bundled with a wireless data service plan already activated and ready to process transactions upon delivery.

The MTT™ operates with WAY's Mobile Merchant Server™, a secure end-to-end Transaction Processing Server that connects easily to Acquirers, Processors and Payment Gateways. Included in WAY Systems' technology offerings and Intellectual Property are the global exclusive rights from Fractal Commerce's Accessor™ technology for Merchant POS. WAY was awarded the “Best New Banking and Finance Application”: award at CARTES03, the industry's premier card and payment event. Headquartered in Boston with offices in Shanghai, Hong Kong and Singapore, WAY Systems is a privately held company funded by payment industry veterans and entrepreneurs. It has strategic Alliances with Payment and Mobile Industry Leaders such as TNS, AT&T Wireless, Siemens Mobile and others.

• The MTT product consists of the following components:
• Hardware
• Mobile phone
• The MTT is an electronic device that consists of a mobile phone, smart card reader and magnetic stripe card reader.
• Mobile printer (optional): The MTT printer is a miniature thermal printer with a wireless infrared (IrDA) interface.
• Optional internal PIN pad available in Q’1, 2005
• Data Only SIM Card pre-activated for immediate use
• Software/firmware
• Embedded Mobile Merchant Payment Application with optional functionality including Tips, Tolls & Invoice Numbers.
• Secure Access Module (SAM)