A Mobile Wallet is a Stored Value Facility which is associated with your mobile phone. A Mobile wallet can contain monetary value, linked bank account(s), card(s), loyalty points, coupons and gift vouchers. A Mobile Wallet can receive funds from bank accounts, cards, vouchers, cash deposits, salary, premium sms, disbursements or loans.
A Mobile Wallet can be used for person to person (P2P), remittances, product purchase, bill payment, airtime top-up, e-ticketing and other buy/sell scenarios. Transactions can be made through various channels like mobile, over the counter, ATM and mobile POS.
- Multiple financial institutions hosted within the single platform
- Telco & Bank Led Models are supported
- Simple integration with banks for transactions, reconciliation and settlement
- Multiple corridors for remittance
- Issuance of cards against wallets for acceptance at traditional locations
- Standard transactions, inquiry, mini statement, personalization
- Service Providers can combine channels, instruments and security paradigms to create a variety of combinations suitable to their business.
- Variety of applications are supported
- Payment APIs which make Mobile Wallets as a new Payment Instrument available to online channels.
- Branchless Banking through Agents (Super, sub-agents)
- Rapid and Flexible KYC models for individual and mass on boarding of customers
- Multi-compartment architecture
- Hierarchical Merchant Management (Chains, Agents, Stores, Terminals)
- Acquiring, Issuing, Switching, Gateway and Core Banking functionalities