Marketplace Providers

Software Group

mWallet – The one-stop, mature and future-proof mobile wallet platform.

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Mobilize Payments to Grow Your Customer Base Exponentially

To attract and retain mobile customers, you need to enable anytime anywhere transactions across different sources of funds – in real-time, secure, convenient and blazingly fast. Software Group’s mature mWallet solution empowers a complete, scalable, and future-proof mobile money ecosystem, catering for all of its stakeholders – customers, merchants, agents, and partners. With mWallet, you can easily provide digital accounts and payment services through any mobile device. Answer the pressing customer demand for converged digital financial services available anytime, anywhere. mWallet empowers organizations to reach the mass market and attract new customers quickly, at a low cost and completely branchless.

Overview

Reach, Activate and Expand Customer Base via Mobile

Struggling to attract and retain mobile, remote, or younger customer generations? With mWallet, targeted financial services and special offers can be brought to the right customer segments directly on their mobile devices. Reaching out to new clients via the self-service mobile wallet channel is quick and cost-effective thanks to its lower Know Your Customer (KYC) requirements and intuitive user experience. What’s more, when satisfied with the provided mobile financial services, customers start building their own network of wallet connections – and customer referral is a guaranteed way for growing an FSP’s market share with exponential speed.

Engage Customers with a Superior Self-service Experience

An intuitive user experience is a must for any self-service application, especially in the trust-sensitive financial sector. mWallet’s applications are inspired by our extensive global expertise in mobile financial service markets. The solution enables FSPs to provide inclusive, convenient, secure, 24/7, anywhere access to digital payments and services for customers, agents, and partners with intuitive functionalities targeted to each actor.

Converge Services to Monetize on New Revenue Streams

mWallet is not simply a mobile payments solution, it is also a direct and flexible channel for offering any type of value-adding digital services. Utility bill payments, airtime top-up, mobile-money-enabled purchases, access to digital loans stored in credit accounts, remittances and transfers – the revenue opportunities are there, allowing FSPs to stay relevant and competitive.

Minimize Customer Acquisition Costs

Customers will always choose the most convenient for them option. Bringing mobile payments and financial services right into their pocket eases congestion at branches, especially for low or no margin transactions. The built-in Agency Banking functionality allows FSPs to further reduce operational costs by enabling third-party agents to support the mobile wallet network. Customers can conveniently cash in/out their wallet or transfer funds between their bank accounts and wallets at the closest agent.

Connect with Your Ecosystem and Be Ready to Innovate

Future-proof interoperability standards empower FSPs to utilize a shared payment service that can seamlessly connect multiple stakeholders. IT Capex and technical risks are significantly reduced because a full-size CBS implementation or even partial rewriting of existing systems are no longer needed. The solution can function as completely standalone or be easily integrated with any existing or third-party system.

Achieve Better Results Thanks to Customer Insights

The availability of customer insights is a critical success factor when deciding on how to target different customer segments. Usage patterns and transaction history analysis could be used to pick the next relevant steps in cross-selling or upselling services. The whole mWallet ecosystem could benefit from customer insights – including merchants who could send their special offers via notifications through the mWallet system.

Key Growth Enabler for Any Business Model

Banks, MFIs and Credit Unions can activate the mobile channel to expand customer base at a low cost, while competing with new agile market players. Public Sector Organizations can securely identify beneficiaries and disburse funds in bulk, directly or via agents. Remittance Companies and Bill Payment Aggregators can enable self-service transfers for customers via mobile and reduce agent service costs. Telcos can retain customers and diversify income by entering into mobile financial services. Any Mobile-Money Organization can use mWallet to fuel up its business with a core mobile wallet system.

Features

Customers enjoy anytime, anywhere, 24/7 mobile self-service on any device – smart or via USSD, enabling secure, instant transactions and services.

Intuitive Self-registration

  • Individuals and businesses can self-register for an mWallet account within minutes with easy-to-follow KYC steps, supported by simplified Image and Document Management capability. Android or iOS smartphones, tablets or feature phones with USSD – the mWallet app is completely device-agnostic.

Instant Sending and Receiving of Funds

  • Once registered, mWallet users can instantly send and receive money from any location. Transfers happen seamlessly from person to person (P2P), between own bank account and wallet, or between other bank accounts and third-party mobile wallets. Customers can request funds from a friend with one tap, view pending payment requests, or use handy options like automated frequently used payee lists. Pending transaction support caters for funds sent to non-account holders while social media integration adds to even higher customer engagement and mWallet adoption.

Digital Loan Processing via Wallet

  • mWallet brings digital credit products directly to customers’ devices empowering them with convenient real-time access to funds. FSPs can now manage the full loan processing cycle through mobile – from loan application, to disbursement, to repayment.

One-click Purchases at Merchants

  • Buying goods with an mWallet account is much faster and safer than carrying cash around. Users receive a push payment from the merchant, which they can approve right away or decide to postpone. Different payment options like one-click purchase and paying with a voucher increase customer satisfaction, while a pending invoices list helps users keep track and plan their finances.

Convenient Cash in/out at Agent, ATM or Branch

  • If customers need cash out or want to deposit/top up/get money in their mWallet account, they can easily search for the closest local third-party agent, who provides this service. mWallet allows FSPs to activate a convenient local agent network and also integrate mWallet with their existing ATM and physical branch networks. The more options users have to manage their Wallet operations, the higher their engagement and the faster the growth of the FSP’s mobile market share.

Intelligent In-app Reporting

Mini statements, balance and transaction inquiries are available at hand for all mWallet users. Smart in-app notifications and event-based SMS alerts help them stay on top of all of their mWallet transactions.

Next-generation Converged Payments – Remittances, Utility Bills, Airtime Top-up, and More

Third-party agents are a natural extension to an FSP’s branch network, and mWallet is preconfigured to support their seamless inclusion in the ecosystem. Customers can rely on agent points of service for cash in/out, help with onboarding and account opening, funds transfer between bank accounts and mWallet, card PIN-based transfers to mWallet, inquiries and more. Agents, on the other hand, can easily deliver financial services on behalf of the FSP via biometrics-enabled POS, smartphones, tablets, USSD or the web. Transparent in-app reports on earned commissions and clear float and liquidity management drive successful agent performance.

Mobile money has already transformed payments for goods and services, particularly in emerging markets. Built with best practices in push payments in mind, mWallet empowers merchants to flexibly invoice customers and accept mobile money and voucher payments (including support for bulk payments, USSD, NFC and QR codes). Merchants initiate the process with options for split and delayed payments, and customers easily approve the transaction via their mWallet. The opportunity to offer targeted marketing campaigns and special mWallet-linked promotions is there for merchants to boost their business, and for FSPs – to generate additional revenue from the mWallet channel.

mWallet is a powerful integrated platform for converged anytime anywhere financial services and payments. It gives FSPs the freedom to offer flexible types of mobile money payments for digital wallet account holders, regardless if for individuals, groups, businesses or agents, locally and internationally. Digital loan product types and workflows can be easily defined to target different customer needs. mWallet supports the full digital loan process across the value chain – from application and approval, through disbursement, to repayment.

Retain via Referrals, Loyalty and Campaigns

Additional revenue opportunities can be created with customer-centric referral marketing, promotions, vouchers, and loyalty campaigns associated with m-wallet usage.

Make Agent, Merchant, and Customer Wallets Play in Sync

Advanced agent and merchant administration features allow FSPs to quickly plan and manage their hierarchy of actors in the mWallet ecosystem. Agent onboarding is supported by digital KYC, PIN or biometrics authentication. Automated float re-balancing and commission allocation facilitate agent management, while agent performance and asset inventory reports give a clear view of the functioning of the network. With geolocation capture FSPs can monitor agents and provide customers with the useful option for finding the closest agent service.

Set Win-win Fees and Commissions

Tiered, flat, percentage or hybrid fees, commissions and limits can be flexibly associated with different agent roles per transaction – periodically, by count or by volume. Commission payment can happen in real time or in bulk with an option for manual editing before payment.

Bulk Payments

Businesses and public sector organizations can process bulk payments to mWallet account holders, either as direct credit to the account or as a voucher, which could be tied to a specific merchant.

User, Identity and Organization Management

FSPs have complete control over their organization structure via flexible user roles, business unit and hierarchy level definition. Multiple accounts per MSISDN or multiple users per account are also supported. And highest-standard identity management functionality enables integration with existing or external identity management systems.

Drive Decisions with Intelligent Reporting

To grow their revenue, financial service providers can strategically leverage the open architecture and interoperability of the solution. Connecting to the rest of the value chain is technologically enabled. Utility companies, ATM networks for cashless transactions, bank branch CBS, MNOs, Aggregators, Card Management Systems – FSPs just need to choose which partner to include in their ecosystem.

mWallet support a financial-industry-compliant set of security best practices, including strong multi-factor authentication and authorization, PSD2 and GDPR compliance, and an out-of-the box support for a number of predefined financial ISO standards and protocols, including Biometrics for Agents.

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