Mobile Payments Platform
PS-mPay
ProgressSoft’s Blockchain-enabled Mobile Payments Platform is a world-first solution that provides a wide range of payment services for banked and unbanked users using two forms of money; e-money and blockchain-based Central Bank Digital Currency (CBDC).
The advanced 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 variety of payment services including money transfers, bill payments, direct credits, bank account deposit and withdrawal, cardless ATM cash-in and cash-out, domestic and cross-border remittances, payrolls, pensions, in addition to Near-Field Communication (NFC) and QR code payments at point-of-sale.
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 supports non-financial services that include balance inquiry, customer registration, activation and deactivation, in addition to mini statements and PIN and alias change.
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.
Blockchain-enabled Design
PS-mPay integrates with blockchain networks to seamlessly connect financial institutions and provide instant peer-to-peer payments using blockchain-based digital currency. It also provides different business models for blockchain networks based on the type of financial institution as well as the regulations published for mobile payment services.
Implementation Models
PS-mPay supports versatile business models including bank-centric, Mobile Network Operator (MNO) centric and collaborative models. This is in addition to open Application Programming Interfaces (APIs) that seamlessly integrate with the institution’s existing systems or any third-party system.
Secure Transactions
PS-mPay utilizes the latest security standards to ensure the safety of sensitive and private information and mitigate fraud and identity abuse risks. This is in addition to dual-factor authentication, role-based authorization and Public Key Infrastructure (PKI) based encryption of sensitive data.
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
Provides new profitable opportunities to serve unbanked users and secure new market shares
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
Novel Implementation
Accommodates for futuristic needs through blockchain-based CBDC digital currency support
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
Enhanced Financial Inclusion
Financially includes unbanked users within the payments ecosystem via existing yet controllable channels
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