4C iNSight™ Payment Gateway (iPG) is an innovative platform for companies currently utilising mobile money services. The iPG facilitates the transfer of information between a payment portal and the Front End Processor or acquiring bank. Companies can integrate the payment gateway services into their operational or business support systems to achieve a complete convergent enterprise environment.
According to a research report by Berg Insight (October 2012), the number of active mobile money users in emerging markets is forecasted to grow from 61 million in 2011 to reach 381 million by 2017. The report added that currently several of the most successful mobile money services are in use on the African continent. The total value of mobile money transactions is projected to grow from US$ 44 billion in 2011 to US$ 395 billion in 2017.
Mobile money has a central role in extending the reach of formal financial services to the unbanked and financially underserved populations in emerging markets. The mobile phone will also be the primary self-service banking channel for a substantial share of the already banked individuals.
The Payment Gateway essentially acts as an interface or switch between any mobile money service and other 3rd party applications such as retail, banks and telecoms. The online transaction processing types can either be Business-to-Business, Business to Customer and/or Consumer to Business based. It is therefore essential that the Payment Gateway not only acts as a compatibility layer between businesses and service providers, but also as a security layer, protecting the customer and merchant during transactions. The iPG encrypts sensitive information to ensure that information is passed securely between the customer and merchant and also between merchant and payment processor.
iNSight allows users to deposit money into an account, stored, transfer money to other users (including sellers of goods and services), receive money from other users (including sellers of goods and services), purchase airtime, pay bills, and withdraw money from a network of agents by utilising their mobile devices. The mobile money services has granted millions of people access to the formal financial system and is therefore advantageous for reducing crime in a largely cash-based society.
iNSight‘s Payment Gateway also provides tools to automatically screen orders for fraud, calculate tax in real time, and convert currency prior to the authorization request being sent to the processor.
Ease of Use
Mobile money allows for customers to pay for goods and services; transfer money from almost anywhere even if they are not near a bank office.
Embracing mobile money services will go a long way in addressing the needs of the unbanked, under banked, and the not so happy banked. It will enable the said customers to make payments, transfer money to merchants, friends or relatives using mobile devices. Mobile money will reduce tedious long queues in banks and bring them into the fold of the ever evolving modern economy.
Mobile money transfers are filling this need and proving better at reaching poor rural resident than banks or standard money transfer services. It has changed commerce and eased trade by breaking the rigid rules of high finance and banking transactions.
Among the benefits of mobile money services is the ability to use the mobile phone to save and be able to cash-out the money whenever needed. This also reduces the need for physical cash, therefore creating a safer financial experience for the user and reducing the risk of theft.
The Mobile Generation
The adoption of mobile technology is changing virtually all aspects of consumer behaviour. This presents an unprecedented opportunity for mobile money service providers or renderers to activate relationships with both new and existing customers across multiple mobile channels.
Boosts Economic Growth
Mobile devices are everywhere. The availability of mobile money services in different strategic locations is crucial for the long-term adoption and widespread use of such services, boosting economic growth and social development on both the micro and macro level.
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