Mobile Wallet Platform
Standards-based global solutions that drive revenue for mobile operators through secure, convenient subscriber access to banking and merchant transactions.
Tens of millions of people worldwide lack bank accounts or have limited banking services. It’s not just in developing countries; there are some 22 million unbanked or under-banked people in the United States.
However, a sizeable percentage of these individuals have mobile devices, which has opened up a tremendous opportunity for mobile operators to generate millions in revenue in the form of customizable transaction fees, exchange rate commissions, and more by offering mobile commerce and mobile banking services. In addition, mobile commerce helps reduce churn and increase ARPU.
Homisco’s Mobile Wallet enables operators to step into the lucrative mobile commerce space with the same technology that won the 2010 GSMA Banking for the Unbanked award. Currently deployed in over 14 countries and supporting internationally recognized standards, Homisco’s Mobile Wallet is an ideal solution for operators entering the mobile commerce markets. It comprises three main modules: Mobile Wallet, Mobile Banking and Mobile eVoucher.
Mobile Wallet, the core module, is a platform for mobile network operators and MVNOs (mobile virtual network operators) to enable any phone on their network to become the primary transaction and purchasing vehicle for their subscribers. With Mobile Wallet, network operators can offer their subscribers the capacity to make cash transactions through their mobile phones, and realize revenues from the fees on those transactions. Subscribers are able to deposit and transfer funds, and make cash payments and purchases, all using their mobile phone over their operator’s network. Transactions are protected with PIN-based authentication, and are confirmed with simple SMS messaging.
The Mobile Banking module greatly enhances the scope of transactions available to the Mobile Wallet platform by interfacing directly with international financial institutions. Rather than being bound by the subscriber’s footprint of the operator’s network, the Mobile Banking module enables transactions to and from banks, both on and off of the Mobile Wallet network.
Mobile e-Voucher replaces paper and scratch card vouchers with direct electronic top-up. The benefits of replacing physical cards with an electronic system are huge. Service providers reduce costs by eliminating physical card production, inventory and theft and expanding distribution through sales intermediaries that only require a mobile phone and eVoucher account to function as top-up agents. Subscribers benefit by improved convenience and flexibility of top-up amount.