Mobile Payments are no more a distant aspiration of financial experts around the world; this contemporary, yet convenient, payment channel has already become a reality with a continuous increase in the number of mobile money users worldwide every year.
Accordingly, ProgressSoft has been dedicating its expertise in the financial and banking technology to deliver PS-mPay; a contemporary mobile payments platform that allows for domestic and cross-border remittances for banked and non-banked users. This solution offers payment services that include, but are not limited to, Person-to-Person, Person-to-Business and Person-to-Government Money Transfers, in addition to Bill Payment, Direct Credits and Point-of-Sale Payments.
PS-mPay offers these wide range of payment services using two forms of money; e-money and the Blockchain-based Central Bank Digital Currency. It is the world's first Mobile Payments System to provide instant payments using blockchain-based Central Bank Digital Currency that requires no reconciliation; no clearing; and no settlement.
PS-mPay can act as the frontend of ProgressSoft's Central Bank Digital Currency solution, PS-CBDC. Not only does this advanced feature allow the coexistence of the two forms of money, but it also facilitates the migration from e-money to Central Bank Digital Currency with no disruption to the existing eco-system.
e-money and digital currency payment services including:
- P2P, P2B and P2G money transfers.
- Prompt bill payments anytime, anywhere.
- Countrywide remittances between banked and unbanked consumers.
- NFC (Near Field Communication) initiated payments at Point-of-Sale.
PS-mPay provides a set of advanced Mobile Payment services that allow 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.
- Increased Buying Power: Encouraging easy methods of payment increases the buying power of individuals.
- Shorter Economic Cycle: Providing instant money transfer eliminates the hassle of clearing and settling micro payments.
Mobile Payment Investors
- New Income: Providing mobile payment services generates a new income stream for all Payment Service Providers (PSPs).
- Increased 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.
- Reduced Churn: By having customers attached to their SIM card as a payment identification token, churn will be significantly reduced.
- Differentiation: Banks joining the mobile payments network can differentiate themselves from others who are not on the network or are late comers. Being an early-comer shall offer the ultimate payback on the investment.
- Fulfill a Need.
- 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, 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: 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.