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Information @ Glance

  • Mobile money (m-money) is the term used for using a cell phone to make pay-ments to others using a cell phone where value can be stored on an “m-wallet” be-fore and after the transaction.
  • Mobile Money – allows any Home Banking user to access their eligible accounts from a mobile phone. You can check account  balances, review recent account activity, transfer funds, and even pay bills 24 hours a day, 7 days a week.
  • All transactions between the mobile device and the backend server are secured via SSL/TLS. To prevent sensitive information from being compromised, no data is stored on the mobile device.
  • Mobile money reduces transaction costs, reduces risks of loss inherent in handling cash.
  • Mobile money appears to have the potential to solve many of these issues. By giving banks and other financial services providers a cheap way to outsource cash handling and deposit and withdrawal transactions, mobile money can allow providers to serve clients at lower cost per transaction and with a reduced investment in physical infrastructure.
  • Mobile money platform provides real-time remittance transactions and feedback (including instant SMS receipts), it can help build trust and promote savings and repayment behavior
  • Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones.
  • The Mobile Money Identifier (MMID) , in combination with the mobile number acts as a proxy for the account number.
  • MMID is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.
  • Mobile Money Ventures (MMV) integrates advanced financial services capabilities and dynamic data access with flexibility, security, and a world-class user interface within a single platform.
  • Technology companies are strengthening mobile money’s ability to interoperate with online payment systems. Webtribe’s Jambopay, Symbiotics’ Moca, Intrepid Data System’s iPay, and Pespal are a few examples of payment services that allow buyers to pay for goods and services over the Internet using their phone.

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