PS-MPay

Nowadays, mobile payment is an expediently evolving paradigm. The benefits of the mobile payment service to all parties have been recognized and are even being realized in some parts of the world.
Accordingly, ProgressSoft has been dedicating its expertise in the financial and banking technology to embark on this field to deliver PS-MPAY, a contemporary mobile payment platform that allows for country-wide and cross-border remittances.

Mobile Payment Transactions

PS-MPay provides a set of advanced Mobile Payment Services that allows the user to carry out money payments and transfers by simply using the mobile phone. Users can perform the following transactions anytime, anywhere and receive direct confirmation of transactions on their handsets:

• Money Transfer: moving money from one Mobile account to another.
• Bill Payment: moving money from one Mobile account to another that belongs to a Utility Company or Governmental Institution.
• Balance Inquiry: checking the balance of your Mobile account.
• Change PIN code: replacing the old PIN number with a new PIN number.

Other transactions involve money movements between the client's mobile account and his/her registered bank account with Deposit/Withdrawal transactions. Cashing money is also made possible for non-banked people via Cash-In and Cash-Out options through agent outlets, or from ATMs if needed.

Benefits that can be reaped by deploying PS-MPay reflect on a wide slice of the community, embracing the macro economics of the country, the Mobile Payment Service Provider, MNOs, financial institutions and end consumers, which include individuals, merchants and corporations.

Benefits of the Mobile Payment Solution PS-MPay

Economy

• Increased Buying Power: Encouraging easy methods of payments increases the buying power of individuals.
• Shorter Economic Cycle: Providing instant money transfer eliminates the hassle of clearing and settling micro payments.

• New Income: Providing mobile payment service generates a new income streamline for all Payment Service Providers (PSPs).
• Increase ARPU: The Average Revenue Per User (ARPU) is a direct tangible benefit that the carrier service provider shall experience and realize immediately as soon as the facility is set operative.
• Reduce Churn: By having customers attached to their SIM as payment identification token, churn will be significantly reduced.
• Differentiation: Banks joining the mobile payment network can differentiate themselves from others which are not on the network or are late comers. Being an early-comer shall offer the ultimate payback on the bank's investment.

• Fulfill a Need: Everybody dreams of doing shopping and money transfers without hassle.
• All consumers will appreciate being able to pay for their purchases at the POS terminal in seconds, in addition to paying their bills right from their comfort places.
• Convenience and Ease of Use: The use of a personal handset mobile, PDA or Smart Phone is considered one of the most convenient methods to carry out many tasks, due to its ease of use and effortless learning.
• Low Cost: SMS transactions are of a very low cost compared with other Electronic Funds Transfer (EFT) methods. Wireless and Bluetooth indirect authorization shall provide a zero cost on consumers at POS terminals.