A Digital Wallet/Money is an Electronic Prepaid Card with M-Banking Facilities that utilizes ATM and all kinds of electronic Communication Technologies including mobile phone.
In addition, Electronic Prepaid Card would be used to deposit or draw cash directly from the ATM and other delivery channels. Digital wallet / money enables subscribers to quickly, easily, and securely transfer balances to other subscribers via mobile phones. Transfers are carried out electronically, requiring no intermediary. Any mobile subscriber can avail the mobile money services.
ITC PLC. offers the Mobile Financial Services (MFS) for its client Banks to offer their customers a feature-rich product encompassing all the functionalities needed to provide efficient banking services through mobile channels.
One Digital Wallet subscriber will be able to send money to other Digital Wallet subscriber directly using Electronic Communication Channels instantly and securely. Digital Wallet account may be linked to a bank account. If the customer/buyer is unbanked s/he can access her/his Digital Wallet account and issue instruction through various electronic channels. Un-banked users can avail this service through Digital Wallet account using various electronic channels.
Unbanked people can avail this banking service through Digital Money / Wallet. It enables quick and easy transfers of money and with greater security and the ability to support transfers of money or services, Digital Money / Wallet provides great flexibility to the subscriber for making transactions. With access to financial services at anytime and anywhere, mobile banking delivers greater convenience to banked as well as un-banked subscribers. Subscribers registered for the service can settle their bills directly from their mobile phones, with the payable amount being deducted from the subscriber’s mobile money account. Mobile payments simplify bill collection and processing, speeding up payment cycles and improving operational efficiencies. The solution is simple, economic, secured, and customer friendly. It fulfills subscribers’ everyday needs for banking services, paying utility bills, ticketing and other services.
Increasing the Cash Flow in the Economy, as the introduction of the system would facilitate remittance process and make all kinds of payments easier without cash. Providing the Banking services to the Unbanked. As not everyone in this country are involved in receiving banking services, but with the development of modern technologies a great percentage of the people of the country are using mobile phones. Digital Money / Wallet would also enable them to use banking service, money transfer and payment facilities using their mobile phones. This mobile banking supports all players in the economic system, providing standard, open interfaces to the underlying mobile banking platform and supporting a range of business models.
Our MFS solution provides the Banks with everything needed to offer mobile payments as well as remittance services to its customers. Our main aim and objective is to reach the unbanked.
