Greater customer satisfaction and value:
mWallet provides specific banking solutions to respective banking customers, which empowers them to perform regular banking services (e.g., Balance Enquiry, Transaction Details, request cheque books, etc.) and also mobile payment solutions (e.g., Top up mobile recharge card) on their mobile phones. mWallet leverages bank customers to achieve anywhere anytime banking solutions using their own mobile phone from comfort of their home or office. Banks can truly provide a value added service to their customer for managing their banking activities seamlessly.
Reduced Turnaround Time:
mWallet provides a robust integration framework that is automated and integrates multi diverse platforms for core mobile banking software.
Secured Transaction:
mWallet provides secured mobile personal identification number (MPIN) to every customer of respective banks, which acts as secured password to access their individual bank account to initiate mobile banking transactions. This enables the bank to offer products that are highly secure and helps to develop circle of trust among their valued customers.
Cost saving:
As mWallet is independent of any network service providers, it provides advantage of standalone integration with reduced maintenance and deployment cost to the bank. This narrows down the need to build a business model that involves costs and profits sharing with other parties.
Scalability:
fonepay provides user centric modular approach to mWallet based on the growing user needs. This introduces evolutionary life cycle to the product, which is capable of adapting to new banking needs to provide effective mWallet solution to both bank and its customers.
Mobility:
fonepay service enables freedom of movement to both banks and its customer, which can work with any mobile devices that supports basic function such as SMS to advanced services such as GPRS, WAP and USSD.
Interoperable Operation:
fonepay service is platform independent and can easily integrate any core banking software, online banking software, mobile banking software, and any third party application to provide cross platform integration. Also, it supports variety of mobile phones OS such as Android, iOS, Java, and Windows mobile.
Fund transfer facility:
User can transfer fund from wallet to wallet, non-wallet, bank account , non-bank account user, predefined account, prepaid debit card, member bank user account and payment gateway. Fund transfer can be done from bank to wallet or other bank account.
Bill payment:
Customers can perform mobile payment to any merchants using mWallet . mWallet eases users by providing the facility to have bill payment to predefined merchant such as Telecoms, Service Providers, etc. Users can also have payment of utility bills, tution fee, credit card, have their mobile recharged and other merchants, via their mWallet.
Remittance:
Remittance System is an online, real-time remittance processing system that is accessed through the internet and is offered as an application service. Sending and receiving of money can be done using mobile wallet. Moreover, mWallet can have internal transfer of fund and can integrate with existing remittance channel.
Debit card integration:
Users can integrate mWallet with debit card and prepaid card and can have request of debit card linked with mWallet. Users can load balance in prepaid debit card and transfer money directly to other prepaid debit card within same network.
Referral :
Via mWallet user can send request to other user to register with wallet system for the extension of mWallet network.
Mobile application(GPRS,WAP,USSD and SMS based) for all Java-enabled mobile devices and normal handsets:
mWallet provides application for Windows mobile, Symbian OS, Android phone, iPhone, iPod, iPad and Tablets.
Normal Queries:
mWallet customers can have enquiry about their various bank accounts including credit card and debit card account balance, last payment made, the due date for paying minimum due amount, and the total due amount to be paid. Customers can also enquire about the last five transactions performed with an account, banking hours of the Bank and the exchange rate for a currency. mWallet users can request for statement and cheque too.
Alert Facility:
mWallet service can provide alert messages to its user regarding any changes in their account such as withdrawal, deposit, credit/debit card transaction, etc. Users get alerts to pre or post date of their loan due payment and are updated of new product’s promotions. Users can have birthday wishes too.
Web Panel for users for the bank:
Users of mWallet can have mobile application, which is compatible with all mobile types. Users can have web login for reporting transaction detail, statement details for download and print, view available balance in mWallet and revenue earned. Users can personalize their account by changing their profile details, password of wallet pin and add multiple mobile numbers of their network.
Admin control panel:
mWallet facilitates admin user to add, modify, reject, block or delete user and to provide User level Authentication. They can assign limit such as fund transfer or number of transaction per day, to individual user. They are also authorized for multiple administration control, according to their roles, merchant control and assign commission rate based on volume of Transaction or number of transaction.
Web Panel for Merchants:
Merchants can have web login for reporting transaction detail, statement prints and download and view available balance in mWallet and revenue earned. They can even change profile, password, and wallet pin and add multiple mobile numbers of their network.
Reporting:
User can have reports on transaction, commission, referral, activities, sms and many more as based on bank’s requirements. Via mWallet, users can have reports of user, Merchants, Customers and gives geographical and demographic report.
How does Mobile wallet work?
Mobile wallet is another mechanism which provides the infrastructures for the user to carry the financial transaction through the popular device called mobile. Mobile wallet has the broader appeal as it can reach to unbanked economy also.
Process:
Registration:
Wallet Service with Bank Account Integration:
Customer, with mobile Banking registration, has integrated his/her mobile Banking with Wallet Service.
This Type of Customer has to visit Bank in order to register for Mobile wallet service and fill the form with necessary parameter as set by the bank itself. If Customer has enabled wallet service for his/her other Bank Account, then he/she can link those bank accounts with wallet account.
Wallet Service without Bank Account Integration:
Customer, with Mobile Banking registraiton, but has not integrated his/her mobile Banking with Wallet service.
Customer, with Bank Account but without Mobile Banking registration.
Customer, without Bank Account.
This type of customer can also register for mobile wallet service. The customer has to visit the Bank or its Agent in order to register for mobile wallet service. Here, Customer has to fill the form with detailed information and they are registered to the system by Bank or its Agent, if Information are correctly filled.
Service Utilization:
After complete registration, welcome message with random PIN (Personal Identification Number) number is sent to the customer. It's recommended to change this PIN for the first time.
The customer can use that PIN to request any service provided in the mobile wallet. The request should be sent to the particular short code number (destination number) provided by the bank. For Example, Bank can have short code such as 5998.
Different Mobile wallet service can be utilized by using SMS service in the mobile or through the mobile wallet application.
Cash Withdrawl:
Customer, who has Wallet Service without Bank Account Integration, can use Bank and Bank Agent for Cash IN and Cash Out service from his/her Mobile Wallet Account.
Customer, who has Wallet service with bank Account Intergration, can transfer money from their Bank Accounts to mobile wallet and vice versa using Mobile wallet service. These Customer can also utilize Cash IN and Cash Out service through Bank and Bank Agent.
Any changes regarding customer information particularly mobile number, request for PIN reset should be informed to the bank or process accordingly to the bank rules.
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