Mobile Payments Experience
mPay Connect is experienced in serving clients around the globe who want to offer mobile payments services to their customers.
mPay Connect’s clients include firms seeking to launch mobile payments and companies seeking to leverage mobile payments for their businesses. mPay Connect's roster of clients includes: The United Nations Foundation's mHealth Alliance, The World Economic Forum, IntraHealth, a mobile payments venture in Bangladesh, a prepaid mobile operator in North America, Citigroup/SKTelecom's joint venture in mobile money, EARN, and Wells Fargo. (References are available upon request.)
mPay Connect is a board advisor to several organizations including IntraHealth, Frontline SMS: Credit, and Mobile Money Africa.
Specific areas of mobile payments expertise include:
- Understanding of key principles for success in developing a new mobile payments system based on PayPal lessons learned
- mBanking vs. mPayments: Use of mobile device as a channel for account access and bill payment, as a payment device for customers, and as a POS device for (small) merchants
- Online vs. Retail mPayments: Mobile for remote and proximity payments services
- Use of additional assets such as retail footprint for agent network for cash in and out
- Alternative account designs using PayPal-like model
- Money transfer services and Remittances: domestic and international remittances for the unbanked and banked customers
- Value-added financial services that can be leveraged using the mobile phone such as transactional credit, loan disbursement and repayment, asset accrual into special savings accounts, etc.
- Value chain economics and the role of future services for long term business model (such as data mining for targeted advertising and promotions based on payment transactions combined with mobile-specific data)
- Various types of payments: P2P, C2B (retail and online), B2B (replacement of cash in supply chain), B2C and G2C (cash into the system as rebates or income) including rails, flows, and interchange
- Open vs. Closed Loop systems, Push vs. Pull systems for funding account
- Build, Buy, Partner: Ecosystem participants and knowledge of vendors in build vs buy vs partner decisions
- Understanding of regulatory and business requirements for mobile payments setup
- Extensive network in mobile payments industry for driving vendor, distribution, and partnership deals globally (See Linked In Group: mPayConnect – Mobile Payments Series)
Our clients:
mPay Connect serves clients from various points in the value chain including banks, alternative payments companies, wireless operators, OEM/Handset manufacturers, mobile technology platforms, and other organizations seeking to use the mobile channel to reach their customer base for payments. Because we work with different industries, we are adept at bridging the gap among the various players to drive mobile payments forward. Sample projects and experience include the following:
MFIs & Banks: South Asian Microfinance Institution, Citigroup & Wells Fargo:
· Designing mobile payments system in Bangladesh
· Developed mobile banking strategic recommendation for Internet Services Group
· Designed product concepts for global transit opportunities around NFC payments and other mobile services
· Designed business requirements and high level blueprint of global cash replacement mobile payments service for Fortune 500 business payments
Alternative FIs: PayPal
· Led PayPal’s mobile business development efforts for North America. Closed key deals with MNOs, mobile wallet platforms, and mobile checkout/search companies.
MNOs: SKTelecom, US-Based Prepaid Wireless Carrier
· Provided strategic input to corporate development group regarding mobile payments investments and acquisition opportunities
· Developed product strategy and proposal for mobile payments offerings to cash-based unbanked customer segment
Other: Non-Profit serving low-income individuals
· Developing mobile product strategy and identifying vendors for executing strategy to enable mobile banking services for underserved customers seeking to grow savings accounts.