M-Net is Closing…

8 02 2008

Posted By Mishary.

mnetlogo1.gif

Today i heard from 9K2HN that M-NET is closed due to not achieving their goals, So i decide to check if its true and did a call and yes some one answer my call and says the company is closed even their website is down.

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7 responses

8 02 2008
intlxpatr

Uhhh . . . .what is Mnet?

8 02 2008
Hasan.B

Yeah, what was Mnet?

8 02 2008
bmi

i never got their purpose in the first place .. especially with knet around .. their closure was inevitable

8 02 2008
Hamitaf La BookaY

ee wallah.. and Mnet is what exactly….?

9 02 2008
Hamad

its a pay-by-fone service.. you link yr fone with your bank account so whenever u want to pay for anything u just ask for mnet payment and give them your fone number.. after that you’ll receive an sms indicating the price and asking for confirmation you just confirm it and your bank account will be charged.

so the whole idea of mnet is not carrying around any cash/cc and getting your work done instantly

9 02 2008
Bashar

M-Net from the first place was a failure project. It was not a business case study. It was simply a childish mind project initiated by MTC top management when they couldn’t reach agreement with Knet. They just wanted to piss them off, which is why the name M-Net! They wanted it to replace Knet in mobile payments, but the idea was so stupid for two reasons:

1- Phone payment is still new every where, and building a whole multi-million KD business around it is not a good idea. You need to have a solid business and try to add this phone payment to it.
2- Knet is already the switch with all banks, and banks don’t want to talk to something new every day. It’s a big headache and open up more security threats. Besides, M-net was backed by NBK, so it wasn’t neutral in a sense. In the end, it was M-net talking to Knet, Knet talking to bank. So the whole project idea was lost, and they just added an extra block in the middle.

Hope they learn a lesson there.

9 02 2008
Bombay Bombshell

So all the restaurants and shops knew of this o had this khidma?
Laish I never heard of it?

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