By: Emmanuel Okoegwale writing in “Mobile Money” - 4 March 2010. http://mobilemoneyafrica.com/
Mobile Union Ltd has announced the launch of its new online remittance service (http://www.mtxpress.com), mtxpress, which uses a secure SMS platform to provide a low-cost and convenient solution for people in the UK to send money to friends and family abroad.
According to the most recent DFID UK Remittance Market Report, the UK is one the top 10 remittance-originating countries worldwide, with approximately GBP2.4 billion recorded outward remittances annually from the UK to the developing world. Mobile Union is taking a new approach to remittance by focusing on a massive under-served market segment: people who want to send smaller amounts of money without being penalised with high fees. Mobile Union’s service enables people to send money safely and securely from their home or workplace without the need to visit a retail location; immediately stripping out the costs in time and money associated with a retail infrastructure and passing on these savings to customers. After registration online, with a user-friendly, simple and easy interface, customers can then send money securely using their debit card. Within seconds, the recipient is notified by SMS message that money is available for collection, leveraging the ubiquitous reach of mobile phones throughout the developing world.
Steven Faulkner founder and Commercial Director of Mobile Union commented:”mtxpress makes sending money home fast and convenient (http://www.mtxpress.com/). A combination of simple pricing and exchange rates directly linked to the Central Bank rate makes it easy to understand the true cost of sending money home.”
Security is of paramount importance to Mobile Union and there are multiple bank-grade security checkpoints for both the sender and recipient of the remittance, enabling customers to have certainty throughout the transaction lifecycle leading to complete peace of mind. In addition, Barclays Bank is providing the day-to-day banking and merchant services and Cybersource, the world’s first online payment management company, processing debit card transactions.
This week’s launch focuses on the UK to Bangladesh market, where Mobile Union has collaborated with BRAC Bank, one of the leading banks in Bangladesh. This partnership will enable recipients, without the requirement of a bank account, to utilise the bank’s extensive network of locations across the country to receive money. However, it is also possible to credit accounts maintained at BRAC Bank.
This template is one that Mobile Union will continue to use as it rolls out its service to other parts of South East Asia and West Africa later this year, providing an accessible service to the underserved.
Speaking about the launch of the service, Randall Harper, CEO for Mobile Union said: “The UK’s remittance market continues to grow, but little attention has been given to people who want to send smaller amounts of money without incurring the high fees. Through our mtxpress service and its secure SMS platform, we are able to provide this under-served segment of the market with a world-class service that is convenient, instant and great value-for-money.”
Monday, 8 March 2010
Friday, 5 March 2010
Remittances – France to Mali
TagPay operates a service which allows people to send money from France to any mobile phone in Mali.
TagPay is says that it is the first stored value solution available on all mobile phones. It is a prepaid account system that stores value on the mobile phone. The receiver is able to spend money in any Merchant accepting the service. Clients can make purchases at participating stores and restaurants using their mobile phone.
TagPay is says that it is the first stored value solution available on all mobile phones. It is a prepaid account system that stores value on the mobile phone. The receiver is able to spend money in any Merchant accepting the service. Clients can make purchases at participating stores and restaurants using their mobile phone.
Wednesday, 3 March 2010
PayPal can return to India but without personal payments
Early last month, online payment service provider PayPal had stopped transactions in India and also reversed some fund transfers to personal accounts. The shutdown was because of the doubts that had arisen as to whether the personal payments at Pay Pal were remittances payment from expatriate Indian workers.
Now the Reserve Bank of India (RBI) has allowed PayPal to resume Indian bank withdrawals for Indian businesses that use PayPal to sell their goods or services abroad.
Personal payments into India will still remain suspended. Fahad Irani, the PayPal’s Asia Pacific boss said that the personal payments still remain switched off. RBI has said that it needs specific approvals to allow personal inward remittances to India.
The Indian Payment and Settlement Systems Act states that no person other than the RBI shall commence or operate a payment system, except with an authorization issued by the RBI under the provisions of the Act.
According to the rules set by the RBI, transactions for goods and services to Indian bank accounts will now be requiring a "purpose code" tag specifying the nature of the transaction.
PayPal has said that under new Indian laws these purpose codes are required for all cross-border transactions; depending on the amount of the withdrawal and purpose case, a bank may require additional documentary proof of the transaction, such as invoices and receipts.
The Indian Government has laid down these new laws because it fears that intermediaries like PayPal are used by freelancers who do not pay taxes for income generated abroad.
Now the Reserve Bank of India (RBI) has allowed PayPal to resume Indian bank withdrawals for Indian businesses that use PayPal to sell their goods or services abroad.
Personal payments into India will still remain suspended. Fahad Irani, the PayPal’s Asia Pacific boss said that the personal payments still remain switched off. RBI has said that it needs specific approvals to allow personal inward remittances to India.
The Indian Payment and Settlement Systems Act states that no person other than the RBI shall commence or operate a payment system, except with an authorization issued by the RBI under the provisions of the Act.
According to the rules set by the RBI, transactions for goods and services to Indian bank accounts will now be requiring a "purpose code" tag specifying the nature of the transaction.
PayPal has said that under new Indian laws these purpose codes are required for all cross-border transactions; depending on the amount of the withdrawal and purpose case, a bank may require additional documentary proof of the transaction, such as invoices and receipts.
The Indian Government has laid down these new laws because it fears that intermediaries like PayPal are used by freelancers who do not pay taxes for income generated abroad.
Monday, 1 March 2010
Saturday, 27 February 2010
eBanking - Twitpay to convert Twitter into e-commerce platform
US startup Twitpay is set to be expanded into a platform that enables users to pay online via Twitter.
The service has been procured for USD 100,000 by investors led by Acculynk CEO Ashish Bahl and Morgan Keegan investment banker Keith Meyers. The investors will initially focus on raising money for charities, but they are also planning to expand to other products and other social networks and allow users to make online purchases using the service.
To make a payment, the donor will have to re-tweet the message. By doing so, the money transfer will be authenticated from the donor’s account to that of the beneficiary. Twitpay retains 5 percent of each transaction. The beneficiary will receive its money within 72 hours.
The prerequisites for such transactions require both the donor and the charity to register on Twitter, with the donor additionally authenticated by Twitpay. Currently, the Twitpay service directs users to PayPal to settle their debts.
The service has been procured for USD 100,000 by investors led by Acculynk CEO Ashish Bahl and Morgan Keegan investment banker Keith Meyers. The investors will initially focus on raising money for charities, but they are also planning to expand to other products and other social networks and allow users to make online purchases using the service.
To make a payment, the donor will have to re-tweet the message. By doing so, the money transfer will be authenticated from the donor’s account to that of the beneficiary. Twitpay retains 5 percent of each transaction. The beneficiary will receive its money within 72 hours.
The prerequisites for such transactions require both the donor and the charity to register on Twitter, with the donor additionally authenticated by Twitpay. Currently, the Twitpay service directs users to PayPal to settle their debts.
Saturday, 20 February 2010
AIG (Arrogance, Ignorance and Greed)
I came across this the other day - the group Show of Hands singing their song Arrogance, Ignorance and Greed (AIG - what a coincidence!). It’s worth a watch and very true too.
The lyrics are:
All I wanted was a home
And a roof over our heads
Somewhere we could call our own
Feel safer in our beds
There was a storm of money raining down
It only touched the ground
With a loan I took I can’t repay
And the crock of gold you found
At every trough you stopped to feed
With your Arrogance, your Ignorance and Greed.
I never was a cautious man
I spend more than I’m paid
But those with something put aside
Are the ones that you betrayed
With your bonuses and expenses
You shovelled down your throat
Now you bit the hand that fed you
Dear God I hope you choke
At every trough you stopped to feed
With your Arrogance, your Ignorance and Greed.
You're on your yacht, we’re on our knees
Through your Arrogance, your Ignorance and Greed.
Toxics bring you tact and soul
Poisoned every watering hole
Your probity, you exchanged for gold
Working man stands in line
The market sets his price
No feather bed, no golden egg
No one pays him twice
To enter thrift and caution
Your only sound advice
You know you doubt yourself and meaning
And alone at every dice
At every trough you stopped to feed
With your Arrogance, your Ignorance and Greed.
I pray one day we’ll soon be free
From your absolute indifference
Your avarice, incompetence
Your Arrogance, your Ignorance and your Greed.
The lyrics are:
All I wanted was a home
And a roof over our heads
Somewhere we could call our own
Feel safer in our beds
There was a storm of money raining down
It only touched the ground
With a loan I took I can’t repay
And the crock of gold you found
At every trough you stopped to feed
With your Arrogance, your Ignorance and Greed.
I never was a cautious man
I spend more than I’m paid
But those with something put aside
Are the ones that you betrayed
With your bonuses and expenses
You shovelled down your throat
Now you bit the hand that fed you
Dear God I hope you choke
At every trough you stopped to feed
With your Arrogance, your Ignorance and Greed.
You're on your yacht, we’re on our knees
Through your Arrogance, your Ignorance and Greed.
Toxics bring you tact and soul
Poisoned every watering hole
Your probity, you exchanged for gold
Working man stands in line
The market sets his price
No feather bed, no golden egg
No one pays him twice
To enter thrift and caution
Your only sound advice
You know you doubt yourself and meaning
And alone at every dice
At every trough you stopped to feed
With your Arrogance, your Ignorance and Greed.
I pray one day we’ll soon be free
From your absolute indifference
Your avarice, incompetence
Your Arrogance, your Ignorance and your Greed.
Friday, 19 February 2010
TRAINING COURSE - Process Improvement and Managing Change in a Banking Environment
Join us in JOHANNESBURG, South Africa on 4 & 5 August 2010 for our 2-day training course “PROCESS IMPROVEMENT & MANAGING CHANGE”
Process improvement and innovation is a series of actions taken to identify, analyze and improve existing business and other operational processes within an organisation to meet its goals and objectives.
Business process improvement follows a specific methodology to create successful results. All business operations whether back, middle or front-office are based on business processes. Often however, business processes have been inherited from earlier times, have been endlessly modified over time and tend to lose their earlier efficiencies.
With Process Improvement comes change. Often too, these changes introduce a layer of uneasiness to the individuals that make up the financial institution. Just as critical as the innovation and improvement is getting your staff to accept change as beneficial even within their own comfort zones.
The “Process Improvement & Managing Change” course in Johannesburg on 4 & 5 August 2010 is a 2-day intensive course on Business Processes – what they are and how they can be improved. The course also deals with managing change that changes to business processes bring about.
Ensure that your staff are able to understand business processes and how they may be improved. For more details including a fully descriptive course brochure e-mail us at courses@citadeladvantage.com today. Please indicate BUSPROCES-JHB in the subject line.
Subscribe to:
Posts (Atom)
