Opening-up the Highway to Mobile Payment

Global mobile phone use topped 4.1 billion at the end of 2008. Within many emerging markets, mobiles are now far more ubiquitous than traditional personal banking services. As such, emerging mobile-based financial services stand a strong chance of leapfrogging traditional financial services to become the predominant non-cash financial system.

Retail banks who fail to recognise the growth in mobile-based money transfer and payment services, run the risk of missing out on some of the highest growth global markets.

Many banks are also beginning to recognize that mobile money services provide an increasingly convenient, additional transaction channel for existing customers in more established markets. In particular, mobile P2P payments and transfers can provide both a new value added service for customers and a first, income-generating step for banks on their way to full mobile banking and payment services.

VoiceCash offers banks a turnkey solution to provide their own branded mobile money services. It allows them to extend their customer reach to mobile users without an existing banking relationship, to explore new innovative mobile P2P payment and transfer services, and to mobilize their existing banking services.

VoiceCash Mobile Payment is based on virtual, prepaid Stored Value Accounts (SVAs) that significantly reduce fraud risks for banks and allow an instant account opening without prior credit check. This provides a low risk solution to access the large community of underbanked mobile phone users. And for existing customers SVAs can be easily integrated with standard banking accounts.