fonepay is the network of the various mobile financial services facilitating interbank fund transfer, shared merchant payment with customer sharing and utility bill payments.
These days, the banking and financial services industry has been undergoing rapid changes, reflecting a number of underlying developments. New technological advances like internet, wireless technology and cellular communication have created a shift from the traditional brick-and-mortar banking to virtual banking across time zones, geographical locations, access points and delivery channels. But at the same time, rapid growth and wide reach of mobile phone has enabled the financial institutions to provide the mobile payment services to the unbanked population, who were not able to access this service before and limited to the payment of merchants with only one bank or many banks using different mobile banking softwares. And also, apart from reaching the unbanked population, mobile phone has become the most convenient way to reach the banked population to perform their financial services.
Hence, in current context, mobile phones have become the most convenient means to reach different types of customer to provide financial services. So, we are proposing the networked mobile payment system called fonepay, which will help the customers to do all their financial activities like interbank fund transfer, shared merchant payment and cash out facilities through their mobile phones.