Mobile Payments Platform
PS-mPay
ProgressSoft’s Mobile Payments Platform is a comprehensive digital wallet that provides a wide range of payment services for banked and unbanked users. This advanced solution consists of diverse stacks designed for modular implementation, aimed at facilitating the utilization of electronic money.
This ISO 20022-compliant platform offers value-added modules that take into consideration varying regulatory body policies including client types, currencies, payment services, profile management, customer and corporate wallet management and more modules that fully support the financial institution’s needs.
Features
Financial Services
PS-mPay offers a wide range of payment services, including money transfers, bill payments, direct credits, bank account transactions, cardless ATM transactions, domestic and cross-border remittances, payrolls, pensions, Near-Field Communication (NFC) and QR code payments. It also provides auto-settlements between e-wallets and merchants' accounts, manual transaction reversals, beneficiary refunds and payment requests from any registered digital wallet.
Versatile Users
PS-mPay caters for different types of users including individual banked and unbanked users, merchants, agents, corporates, utility companies, governmental agencies as well as any other entity defined by the financial institution on the platform. The services offered to each user can be controlled to be fully compliant with the regulatory body’s policies.
Non-Financial Services
PS-mPay offers a comprehensive range of non-financial services, encompassing account management features such as activation, deactivation, password and PIN management, alias management and notifications language selection. Additionally, it provides inquiry services for onboarding status, balance and transaction history. Furthermore, PS-mPay facilitates circles and members management, beneficiary management and merchants' terminal management, ensuring a seamless user experience across various functionalities.
More features
Registration Channels
PS-mPay supports numerous registration channels including registration through the financial institution’s tellers, registered agents, or online channels such as mobile applications which includes a diligent Electronic Know Your Customer (eKYC) process that accurately identifies and validates customer information.
Cloud and Platform Agnostic
PS-Mpay offers unparalleled flexibility by being agnostic to any cloud provider or platform. This ensures seamless deployment and usage across diverse environments, eliminating compatibility concerns.
Secure Transactions
PS-mPay utilizes the latest security standards to ensure the safety of sensitive and confidential information and mitigate fraud and identity abuse risks through cutting-edge security standards. This includes dual-factor authentication, role-based authorization and Public Key Infrastructure (PKI)-based encryption. Additionally, PS-mPay follows the guidelines set by the Open Web Application Security Project (OWASP) to further enhance security measures.
Reporting and Monitoring
PS-mPay provides a set of valuable reports including financial statements, exchanged transactions, audit logs, reconciliation and custom report filters that can be exported into multiple formats such as XML, CSV, Excel and PDF. Users can also create custom reports and filters with minimal effort.
Profile Management
PS-mPay provides valuable management of charges per transaction type and currency, fixed and percentage calculation, tiers, payers and distribution. This is in addition to management over payment services for each profile, limits per transaction and currency, as well as periodical count and amount including daily, weekly, monthly, or annually.
Taxes and Commissions
PS-mPay allows the financial institution to calculate taxes for each payment service separately, as well as enables the calculation of commissions according to the count and amount of transactions conducted by end users, merchants and agents. These commissions are then transferred to the relevant wallets once the financial institution’s conditions are met.
Accessible Information
PS-mPay provides financial institutions with a rich web portal that enables full management over the platform, offers insights on exchanged transactions and wallet balances, and is inherently complemented with a security subsystem to control user privileges, create required groups, business roles and a workflow engine.
Benefits
New Revenue Streams
Empowers financial institutions with profitable opportunities to serve unbanked users, securing new market shares and expanding their geographical reach.
Enhanced Customer Satisfaction
Offers convenient, secure and contactless payment methods that enhance customer satisfaction
Reduced Costs
Massively reduces branch queues and their associated overhead and operational costs
Attained Insights
Provides actionable customer insights that facilitate data-driven decision making
Decreased Churn Rate
Significantly reduces churn rate as a result of having a SIM card as the payment identification token
Prompt Payments
Allows users to receive their money immediately after successful payment authorization and validation
Reduced Fees
Lowers operational costs that in turn massively reduce fees when compared to other payment methods
Increased Financial Inclusion
Integrates unbanked users into the payments ecosystem through accessible and manageable channels
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