The CPDI Mobile Money solution provides the opportunity for service providers to utilize their existing network to gain new incremental revenue streams beyond voice while attracting new customers across consumer, corporate and government segments. Mobile Money is a stored value product, based on proven prepaid technology, that will enable providers to offer their customers the opportunity to participate in the following types of financial transactions without the need for a bank account or credit card:

• Easily transfer money from one account to another (such as between family members, employee paychecks, or government social aid)
• Purchase goods and services from retailers (which could be a shop, mobile canteen, a bus or taxi proprietor, or even utility bills )
• Participate in ecommerce

Money Transfer

Mobile Money will support the transfer of funds from one account to another using any of the following methods.

• Using a mobile phone, smart phone, tablet, or standard phone and calling a dedicated access number and following voice prompts to enter the applicable information
• Using a computer to access the provider’s Mobile Money web interface
• Text messaging from any mobile phone
• Electronic terminal using a magnetic stripe card

Benefits to both the payor and payee include:

• No need to maintain a bank account
• Quick access to funds
• Security of not having to handle cash

Purchase of Good and Services

The purchase of goods and services from a retailer or corporation will transpire similarly to money transfer:

• Using a mobile phone, smart phone, tablet, or standard phone and calling a dedicated access number and following voice prompts to enter the applicable information calling a preset number and following voice prompts to enter the applicable information
• Text messaging from any mobile phone
• Electronic terminal using a magnetic stripe card (if available by the retailer)

Benefits to the retailers and consumers include:

• Security of a cashless transaction
• No requirement for credit card or debit card transactions

eCommerce

Commercial or private entities build an ecommerce website through which they sell their wares. eCommerce companies register with the Mobile Money provider, set up an account for the transfer of funds, and are provided with a logo to identify them as accepting the provider’s Mobile Money.  These websites are then linked to the provider’s Mobile Money web interface.  When the consumer requests to place a purchase, the Mobile Money platform returns an authorization to the ecommerce provider and affects transfer of funds from the customer to the ecommerce company’s account upon completion of the transaction.

Types of Mobile Money Accounts

Mobile Money users can be extended three different  types of accounts, depending on their requirements for financial transactions:

1. Re-loadable account (no card) – In this instance the user will be provided a reusable account number that can be used to receive money transfers and to purchase goods and services from a mobile phone, smart phone, tablet, standard phone or through a computer without the need for a credit or credit cards.
2. Rechargeable Stored Value Cards – A Stored Value Card is a magnetic striped card displaying the distinctive logo. There is also the option to make the cards have a chip and/or proximity feature. The Rechargeable Stored Value Card is similar to a Re–Loadable Account with the added advantage of being able to be used at an electronic terminal.
3. Non-reusable Stored Value Cards — These cards will only have an account number and a preset value. The Cards would not be able to be used to receive money transfers, and would be declined if used to purchase goods or services after the preset value associated with the account number has been depleted.  These cards will have an expiry date.