Our solution is completely mobile network agnostic which means “All phones can make payments using MobiCash no matter what phone model or network operator. You do not need to modify your phone in order to use our mobile payment.
MobiCash’s solutions allow all existing mobile phones to become a payment instrument or to act as a Point-Of-Sales (POS) terminal, therefore bringing payment services to all mobile phone owners. Also, with Mobicash, a cell phone becomes a secure personal device that can sign internet transactions and process strong authentication for web access to sensitive data.
Due to its simplicity MobiCash mobile payment has wide appeal, is easy to deploy and open to everyone – there are no complicated software downloads necessary and no restrictions to enrolment.
Let’s look at various scenarios how a client can transact from his MobiCash account:
Users can load their MobiCash account with CASH or ONLINE with an EFT-transaction or debit/credit card
Banks may also offer clients the possibility of using MobiCash to make transactions using the funds in their bank account.
1. Deposit Cash
Users can deposit cash at an Agent. Agents have pre-funded accounts used to load clients’ MobiCash accounts or make transfers on behalf of clients. MobiCash calculates the Agent’s commission and provides user-friendly transaction reporting for both clients and agents.
When authorized by the system merchants can also load client accounts using a Mobile Payment Terminal (MPT) such as the Mob1600, their own phone (Mobi1000 transaction), or the MobiCash website (www.mobicashonline.com).
Load using a payment card
On Mobicash website clients can add funds to their MobiCash account with an e-transaction, send money to other MobiCash accounts, or access their transaction history to verify expenses and manage savings and sub accounts. The user’s phone must always be present to effect a MobiCash transaction on the website; in this way, NSDT™ provides complete security for a MobiCash account.
Loading a MobiCash account online using a payment card is simple. Clients simply log in to their client account, enter the amount they wish to credit, and then enter their payment details once redirected to a card payment webpage.
Link to existing Bank account
Banks may offer their customers the possibility of using MobiCash as a means of payment for their existing bank account. By linking their bank account to their mobile phone number customers can immediately make a range of financial transactions. When linked to a bank account, MobiCash simply sends payment orders to the Bank’s back-office when the platform receives NSDT™ secured payment requests. Thus, banks can offer a more cost effective and accessible means of payment than card alternatives.
2. Person-to-Person Transfers
MobiCash offers four ways to move funds between MobiCash accounts: proximity transfers, remote transfers with IVR, remote transfers through the MobiCash website, or remote transfers facilitated by an agent.
MobiCash can be set up so that receiving a transfer automatically enrolls new users. This feature of the MobiCash mobile payment system makes it highly viral. MobiCash’s P2P payment gives funds in a MobiCash account the flexibility of cash as well as the security and functionality of bank-enabled money transfers.
Proximate person-to-person transfers
Users can transfer funds between phones easily and securely using NSDT™ to sign the transaction. To do this, both the sender and the recipient call the MobiCash server and then the sender enters the amount he or she wishes to pay followed by the # key and pass code. The MobiCash server instantly transmits an NSDT™ cryptosound to the sender’s phone, which makes the requested transfer when it is heard by the recipient’s phone.
The sender and recipient of a proximate P2P payment do not have to exchange phone numbers; they just need to hold their phones close to each other. While this payment procedure may be used by retail stores, MobiCash has a more streamlined procedure specifically adapted for the retail context (see “Retail Payment” below). Nevertheless, MobiCash retail transactions can use the proximate P2P payment procedure as a back up for accepting customer mobile payment.
Remote person-to-person transfers: Web and IVR
MobiCash offers two ways to send funds from a MobiCash account to another mobile remotely. This can be done directly from the sender’s phone or on the MobiCash website using the “Gift” function. IVR (Interactive Voice Response) technology is used to enable remote P2P payments sent directly from a phone—the sender simply calls the MobiCash server and follows the verbal instructions—entering the amount to be sent, the phone number of the recipient, and a pass code to authorize the fund transfer.
The MobiCash platform supports salary disbursement and other employer services via similar channels and interfaces. This approach can be adapted to a range of multi-recipient payment contexts and customized to meet the needs of the parties disbursing the payments.
Transfers via Agent
Agents can send funds directly on behalf of users who deposit cash. Agents use their pre-funded MobiCash account and have a dedicated web interface used to reload Client’s accounts or transfer funds on behalf of Clients who deposit cash. For transparency and traceability, the funds are transferred from the Agency’s MobiCash account to the recipient’s MobiCash account passing through the sender’s account. The sender is authenticated with NSDT™ and enrollment measures are taken to meet Know Your Customer (KYC) requirements. MobiCash automatically calculates the fees due to Agents for this service.
3. Payments and Purchases
Merchants equipped with any of MobiCash’s Mobile Payment Terminals can accept payments easily and efficiently at their point of sale for an overview of MobiCash’s Mobile Payment Terminals). These “terminals” can be specially designed mobile payment terminals (Mobi1600, Mobi1200, or Mobi6000), the merchant’s own phone (Mobi1000), or even a computer with an internet connection (e.MobiCash). Merchants can authorize several MobiCash terminals or ordinary mobile phones to serve as payment terminals.
The Mobi1600 is the most popular MobiCash terminal as it offers a very user-friendly interface at the lowest cost (~80 Euros). This terminal uses a standard low-cost mobile equipped with a data SIM card to communicate transaction requests to the MobiCash server.
To receive a payment, the merchant enters the amount and the customer enters his or her phone number and MobiCash pass code on the terminal keypad. MobiCash calls the customer and the transaction is made when the customer places his or her phone on the terminal—the signature is instant (~2 sec). Each account is credited and debited accordingly for more details on MobiCash’s Retail Payment process).
MobiCash offers merchants the possibility of registering bank account information to receive their payments directly in this account. Transactions may be confirmed by SMS, vocal-message, email, or printed receipt.
Clients can pay online merchants using MobiCash. Upon checkout, the client enters their phone number and authorizes the transaction with NSDT™-powered Very Smart Authentication (VSA™). This guarantees that the client’s mobile was present and used to authorize the online transaction. The client’s MobiCash account is debited once VSA™ has been completed. Merchants can easily integrate the VSA™ checkout tool into their existing e-commerce website and register their bank account details to receive the payments made by MobiCash users.
Users can pay their bills and taxes using the money in their MobiCash account. They can do this online through the bill pay portal or by calling an IVR and following the instructions. MobiCash can be interfaced with billing companies to facilitate mobile payments for their services. Other convenient services such as automatic bill-pay are also supported and clients receive a payment request or notification at the time the payment is due.
Similarly, MobiCash can support other payment services such as: airtime top-up, micro-loan reimbursements, tax payment, etc.
MobiCash has developed NSDT™-based software for secure, proximity transactions between an ATM and a mobile phone. Thus, ATMs equipped with this software can be used to withdraw funds from a MobiCash account using the mobile phone and pass code to authenticate and sign the transaction.
This solution allows banks to deliver ATM services to un-banked populations and enables MobiCash account holders to withdraw cash directly from their MobiCash account.
Agents or merchants can act as a “human ATM” allowing users to withdraw cash from their MobiCash account. Transactions are made using NSDT™ technology, which offers a very high level of security and assures that the mobile is physically present at the transaction. Pass codes are typically used for additional protection of the agent and user accounts.
Since merchants can use their own phones to make transactions, existing networks such as Bank agents, retail chains, or Mobile Network Operator (MNO) airtime vendors can instantly perform cash-in and cash-out MobiCash functions using the phones they already own, the web, or another MPT.
Please don't hesitate to get in touch regarding questions you may have.