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Service allows management of funds from mobile devices.

Press Release Summary:

MWallet(TM) mobile cash solution enables subscriber, using Internet or at dealer location, to choose how to get funds into service, including cash, salary transfers, credit cards, bank accounts, or loyalty programs. Utilizing mobile handset, POS device, or web interface, dealer registers customer and creates MWallet. Funds can be used in numerous ways, including person-to-person transfers, bill payment, and purchasing.

Original Press Release:

MoreMagic Solutions Launches MWallet(TM) Mobile Cash, Opening New Markets and Services for Operators

Person-to-Person Transfers, Bill Payment, and Purchasing from Mobile Phones

NEWTON, Mass., April 1 / / - MoreMagic Solutions®, the leading mobile payments platform provider, announced the availability of its MWallet(TM) mobile cash solution for mobile phone subscribers worldwide. By offering MWallet, service operators around the world are able to build on the success of the MoreMagic MTopUp electronic recharge solution, expanding into new markets and customer demographics. MWallet increases ARPU, and creates a new transaction-based revenue opportunity for the service operator, without new capital investment or changes to the dealer and merchant network. The service is readily available to customers throughout the world who do not have a bank relationship, and are often remote from family, friends and community.

Using the internet, or at a dealer location, a subscriber chooses how to get funds into the MWallet, with cash, salary transfers, credit cards, bank accounts, or loyalty programs. Using a mobile handset, POS device, or web interface, the dealer registers the customer and creates the MWallet. Funds can be used in numerous ways, e.g., as a gift or repayment to another person, to pay a bill, purchase a product or service, pay for parking, or convert to airtime.

The MoreMagic MWallet for Mobile Money Transfer is currently deployed in three countries, with additional deployments planned throughout 2008.

"Once accustomed to the convenience of paying for parking with the mobile phone, our typical customer is looking for the mobile phone to do even more," said Paul Donnan, CEO, Park by Phone, County Cork, Ireland. "The MoreMagic MWallet solution allows us to offer money management capabilities to our customers, adding more purchasing power to the mobile phone service."

"In more than 30 countries, MoreMagic has helped service operators expand their business with our MTopUp electronic recharge solution," said Pankaj Gulati, chairman and CEO, MoreMagic Solutions. "Subscribers are now familiar with this service, and understand how the MWallet makes cash transfers and payments more convenient. In the very competitive market for mobile phone service, a whole new set of subscribers will be drawn to operators who offer the powerful cash management capabilities of the MWallet."

About MoreMagic Solutions

With deployments in more than 30 countries worldwide, MoreMagic Solutions offers electronic payments platforms for mobile operators, content providers, distributors, and banks, enabling consumers to purchase goods and services on demand using a mobile phone or the web. MoreMagic's high-throughput payment engine and pre-packaged applications enable customers to offer new revenue- generating services, including Mobile Payments, Mobile Banking, and Mobile Money Transfers. MoreMagic also delivers its solutions in a secure, hosted, and fully managed environment to facilitate managed service business models as an alternative to system purchase.

Source: MoreMagic Solutions

CONTACT: Carol J. Meier, VP of Marketing of MoreMagic Solutions,
+1-617-244-1598, ext. 128

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