Mobile Remittance

Money Transfer (Remittance) service via Mobiles!

Migrant workers in urban areas often send money to relatives in rural areas using unorganized means, expensive or traditional remittance services. In some countries, remittances make up a significant portion of GDP; which comes to 1/3rd of GDP in some cases. Globally, over 175 million migrants currently use remittance services, sending an average of US $200 to over 800 million recipients. World Bank estimates that in 2007, US$318 billion was remitted cross-border through formal channels, with informal channels accounting for a similar amount, putting the total market at $500 billion.

B2C enables a Money Remittance service where senders remit money over long distances to Recipients via Remittance Agents who use mobile phones to effect the transfer.

• Senders can remit money over long distances via their local Remittance Agent's outlet.
• No traditional banking infrastructure is required.
• Recipients visit their local Remittance Agent to collect the money.
• Remittance agents make instant commissions.
• Mobile handset & a prepaid account is used by Remittance Agents to transact services.
• This technology can be integrated with existing mobile and banking infrastructure.

How does it works?

Service Provider enrolls authorized retailers as Remittance Agents (RA), who carry branding & service signage on their outlets. Remittance Agent can be Outward Remitter or Inward Remitter or both.

Service Provider creates m-wallet for each RA into which the RA deposits a prepaid balance (working capital). RA can deposit & transact directly with Service Provider or via Super Agents.

RA accesses service from customized user-friendly menus on their mobile handset. Sender visits local Remittance Agent to request money transfer; gives name, phone (optional) & Valid ID of Recipient.

Sender pays cash to RA, RA uses handset menu to transfer corresponding amount from his m-Wallet into a Holding Account.

Platform generates Token Code for each outward remittance received into Holding Account, & notifies RA, Sender & Recipient.

Recipient visits local RA, provides Token Code, Name, Valid ID & requests collection. Local RA pulls inward remittance from Holding Account into his m-Wallet via his handset and pays Cash to Recipient.

Optionally, Sender can remit money from their bank account which can be collected by Recipient at local RA.
Recipients can also choose to pull their inward remittance into their bank account.

E-Top Up & E-Voucher

Historically, users of Prepaid Services (mobile, DTH, electricity, internet, calling cards) use scratch cards to recharge services when they run out of credit.

Sometimes, e-vouchers are also available, where retailers print the voucher from a POS machine or SMS an e-PIN to customer upon receiving payment.

Both physical & e-vouchers require customers to send the PIN to the network by SMS, IVR or USSD for recharge & credit of the amount in their account.

Due to inherent technology limitations the recharge via PIN restricts subscribers to specific denominations as offered by the operator.

E-Top Up revolutionizes recharge, with anytime, anywhere, any value recharge.

Our e-Recharge solution enables Mobile operators to eliminate physical prepaid vouchers & replace them with either:
e-Vouchers: Where an e-PIN is delivered via SMS to the subscriber’s mobile phone against payment made at retailer or via bank

e-Top Up: Where on-line PIN-less recharge is delivered to subscriber’s mobile phone against payment made at retailer or bank, enabling true ‘Anytime, Anywhere, Any Value recharge”.

The e-Top Up: platform automates distribution of recharge & allows consumers to recharge any prepaid service (mobile, fixed line, calling card, Internet, TV etc) by either:

• Visiting a retail outlet and paying in cash.
• Using a handset application, ATM or web portal and paying via bank or credit card.
• Retailers deposit a prepaid balance with the operator, which becomes their working capital to purchase airtime stock. When they sell top up to subscribers, this balance is deducted and the subscriber’s balance is topped up in the IN.

Retailers can buy stock in smaller lots & more often, reducing working capital requirement; results in significant increase in distribution!

Benefits:

• Customers can recharge any amount.
• No need to scratch cards & send PIN to operator.
• Customers get direct top up of credit on mobile.
• No risk of fake or stolen vouchers.
• Retailers purchase airtime value, not PINs.
• For retailers, no risk of stock outs or theft.
• No more costs for printing, warehousing & transportation of scratch cards.
• Better distribution chain management.
• Access to rich distribution MIS.

How Does it Work?

• Operator enrolls distributors, who in turn enroll retailers to sell e-top up.
• Operator creates m-wallets for distributors & retailers in the e-top up system.
• Distributor pays operator to buy airtime stock for distribution. Operator credits this stock into his m-Wallet as a prepaid balance & sends SMS with new balance.
• Using his mobile, distributor transfers part of their stock to retailers under them (net of commission), who gets an SMS with their new balance. Now, retailers have prepaid balance (stock) in their m-Wallets
• Subscribers visit retailer to buy e-top up. Retailer enters subscriber phone number, recharges amount & his own password into their handset menu & sends a secure SMS to the e-Top Up system.
• E-Top Up system debits retailer’s m-Wallet with recharge amount (net of commission), and credits this amount into subscriber’s prepaid account in the IN.
• Both retailer & subscriber get an SMS notification of their new balance, along with a Transaction ID & date/time stamp.