Tag Archives: mobile money transfer

Instant Money Transfer Within India With Oxigen

By Mohammed Waseem

Instant Money Transfer is the trend today and small operators are coming up with instant money transfer solutions and are gaining lot of customers. Since the introduction of M-Pesa, the world has seen a large number of e-wallets and m-wallets. M-Pesa itself has been adopted in a number of countries, either independently or in partnership with a local mobile operator.

In India, M-Pesa works with Vodafone, while many other wallets are also available, including Airtel, YPAYCASH, OxiCash and so on. These operators require authorization from from the Reserve Bank of India (RBI) in order to operate in the country. All operators function in similar ways, but offer slightly different features.

OxigenOxiCash is a mobile wallet, also known as Oxigen Wallet, that facilitates instant money transfer to bank accounts, as well as to other Oxigen Wallets. The cash that can be stored in the wallet depends on what type of wallet one owns. They have Oxigen 10000 and Oxigen 50000; the former has a limit of INR 10000 maximum storage, while the latter does not.

Oxigen 10000 does not allow cash withdrawal and maximum limit per transaction is INR 10000. Maximum deposit allowed is INR 5000 and INR 10000 per month. The Oxigen 50000 wallet does not have such limitations.

There are three ways to send money with an Oxigen Wallet. The first one is wallet to wallet transfer and the second one is transfer to a bank account using the NEFT (National Electronic Fund Transfer) network, that works with IFSC (Indian Financial System Code). The third way is transfer to a bank account using MMID (Mobile Money Identifier).

This service is excellent for those who do not have a bank account of their own. Even if they do, they can transfer money to any bank in India instantly. This is a major difference with OxiCash, compared to other mobile wallets.

To open a wallet account, this link can be followed, or an SMS can be sent with the following details: “Oxigen*Agree*DOB(DDMMYY)*Full Name”, sent to 9870888888. The wallet can be refilled through net banking, debit cards, credit cards, in cash through any of Oxigen outlets and IMPS (Immediate Payment Service), which is an inter-bank electronic instant mobile money transfer service through mobile phones in India.

Tweet Money With The New Service, in France

By Mohammed Waseem

In France sending money has become very easy with a new service introduced. All a person needs is a Twitter account and a bank card to tweet money to a friend or make a donation. Groupe BPCE, a French bank has facilitated Twitter money transfer to offer hashtag money transfers.

Twitter is very common in France and has a huge user-base. BPCE believes that this move by the bank would boost their e-banking users. Just like a tweet, money would be sent as well. However, retweets are disabled for security reasons. The service is free of charge and is to remain free for individuals; a fee maybe chargeable to commercial clients.

bpce-twitter-paymentsBPCE has teamed up with Twitter to offer this service, and the process is the same as normal tweets work, except for retweeting. The primary objective of this service is crowdfunding, charity fundraising and also pooled payments like gifts for friends. The bank’s service called S-Money, which is a mobile wallet already has over 100000 users in France; they have a plan to attract over 1 million users in the near future.

The transfers work within France and can be accessed using the already existing S-Money app. The Twitter transfer feature has been introduced in the app update. To send money, one has to send a tweet by typing this: “@SmoneyFR #envoyer X€ @destinataire”. Here, X is replaced by the amount and ‘destinataire’ is replaced by the recipient’s Twittter handle.

The S-Money app is available on iOS and Android and can be downloaded for free from the respective app stores. The service is great for a group of friends who intend to share expenses.

MTNMMO, Mobile Money Transfer To Africa

By Mohammed Waseem

MFS Africa, an organization that connects money transfer operators, remittance hubs and banks to mobile wallet schemes across Africa operates a money transfer service that enables senders to send money to various African nations. Currently, the supported destination countries are Benin, Ivory Coast, Liberia and Rwanda. They have plans to include more countries soon. The service is called MTNMMO.

The money transferred is instantly delivered to the recipient’s MTN Mobile Money account. This means that the recipient needs to have an MTN connection in order to be able to receive funds. Senders can start sending money by following three steps, which are registration, transfer and payment. In order to use the service, senders need to submit proof of identification in order to comply with anti-money laundering regulations.

MTNMMOHowever, senders can instantly make one transfer without registering; and this transaction is limited to a transfer amount of 100 EUR/CAD/USD/GBP. Once verified, senders can avail all the benefits including higher limits.

Users can register here and upload the relevant documents after making the first transfer. They need to do this only once. To send money later on, senders need to click on ‘New Transfer’ and select the recipient or enter their details anew, and then enter the transfer amount and the payment method before confirming all the details.

After having confirmed the details, senders are redirected to their bank to pay by a bank card. Once the payment is complete, the money is immediately transferred to the recipient’s MTN Mobile Money account. Sender gets a confirmation message with the details and a reference number and the transaction is added to the account history.

At present, only debit cards from Visa, Mastercard and Maestro are supported and no credit cards can be used to pay for the transfer. Recipient can cash out the funds at any MTN Mobile Money agent in the destination country. Transfers to Liberia are free of charge, but transfers to Benin, Ivory Coast and Rwanda are charged a flat fee of 4 GBP from the UK, 5 EUR from the Euro Zone, 6 CAD from Canada and 6 USD from USA.

Mobile Money Transfer By World First

By Mohammed Waseem

We have heard and discussed about foreign exchange companies getting into the money transfer business; there are a lot of them in the market, each trying to outperform the other by offering exceptional services. Each of them try to attract customers and offer services comparable to those offered by banks, but at a much lesser fee.

We had learnt about a money transfer service offered by World First last week; let us now discuss about the Android and iOS solution offered by them to transfer money on the go. We had learnt that they provide better rates and charge lower fees, with the mobile app, customers can get all those services right in their hands.

World FirstThe app is available on Google Playstore and on iTunes. At present, only individual customers are fully supported, but corporates can still use the app for few features. It may be available for the latter very soon, as the company is working on it. Users can easily and quickly send money using a debit card, any time from their smartphone or tablet, it takes as less as 30 seconds to complete a transfer.

Payments tracker helps the senders track their transfers and know when the recipient has received it. They can also check live rates and initiate a transfer accordingly, in order to ensure best rates and more money for the recipient. In addition, the app has an inbuilt currency converter that helps the users know the value of the recipient’s currency and send money in local currency accordingly.

Users also use this app to make transfers between their own accounts. The services offered through this app are similar to that offered online on World First’s website, but for the fact that transfers can be done anywhere and at any time, the app is just great. It is also on par with other money transfer apps. The android app can be downloaded from here.

Mobile Money Transfer in The UAE With RAKBANK

By Mohammed Waseem

Money transfer at the touch of a button is a new trend in the money transfer space. In different places in the world, mobile solutions have been introduced to make this true, to enable senders to transfer money on the go from anywhere at any time, just by touching a button on their smartphone or tablet. Mobile apps are made available for different platforms to increase adaptability and to increase the customer base.

National Bank of Ras Al Khaimah (RAKBANK), a UAE based bank has introduced an excellent mobile app for UAE mobile phone users that promises easy money transfer on the go. The bank promises to make life more convenient by allowing users to make instant money transfers. The service is available in the bank’s present mobile app and not as a standalone app.

RAKBANKThe feature is called MobileCash and it allows UAE residents to make instant money transfer to anyone in the United Arab Emirates, at any time and from anywhere. Of course, senders need to be customers of the bank in order to be able to use the service.

No fee is chargeable for sending money using MobileCash and the service is ideal for sending smaller amounts, such as in case of sharing expenses, paying back a friend and so on. The sender needs to provide the mobile number of the recipient and their name in order to send money. The recipient has to visit any RAKBANK ATM and enter the code received by SMS and the amount being received, in order to withdraw the cash.

The code is valid for 24 hours, within which the money has to be withdrawn, failing to do which would result in the money being credited back to the sender. The app is a great introduction and similar to many such solutions available in other countries. With this feature introduced, the customers of RAKBANK have one more reason to remain loyal to them.

Send Money to Anyone, Anywhere with Mobino

By Mohammed Waseem

Swiss payment solution provider Mobino offers this person to person money transfer service that is aimed to be targeted at everyone; yes, all the citizens of the world, as they claim. They offer solutions for individuals, merchants and central banks. Their products are integrated with the existing banking infrastructure of a country. In countries where banking services are unavailable or are inaccessible by many, they offer prepaid accounts.

The smartphone app is available on Android and iOS devices and can be downloaded from the app market to experience the new payment solution. Individuals can use the app to pay a merchant for purchases or send money to another Mobino user. The process is very easy, they just have to select the payment type (merchant or person), enter their credentials and send the payment by entering the recipient’s phone number. The last step is protected by a secret code.

MobinoAccount balance can be checked and tracked using the app interface in order to avoid over spending. With this service, Mobino claims to enable mobile payments for 5 billion people. The service will also be available to non-smartphone users in order to cover the market and target countries where smartphone penetration is low. However, it has not been rolled out yet.

Mobino offers solutions for central banks to regulate money and offers an infrastructure to manage the circulation of electronic money. With this, the banks can offer Mobino accounts to all the citizens of the country; so each of them will have an account linked to their mobile number. They promise low operating costs and territory coverage to handle user registrations and cash transfers. This solution can be used to pay salaries to employees, purchase goods and services and transfer money.

There is no charge for using the app, but merchants are charged 1% of the amount as the fee and central banks may have a charged involved as well. For international transfers, currency conversions are charged at a market rate, depending on the currency pairs. The money is stored in an aggregate account with PostFinance, a Swiss financial institution that holds more than CHF 100 billion in deposits and customer assets.

Send Money With The USAA Mobile App

By Mohammed Waseem

Money transfer apps have increased in number, which has made our lives easier. Anywhere we are, we can semd money to anyone, right from our smartphones. USAA, an organization that offers financial products and services to the military community and their families. Founded in 1922, the organization has grown to serve millions of people with competitive financial products and services.

Most of the services are available to the members of the US military and their families but some financial planning and investment products are available to the public. Among these products is the online money transfer service which one can access on Android or iOS smartphones through the USAA Mobile app.

USAA MobileThe app can be used for most of the services offered by USAA including money transfer, bill payment, deposit checks, manage investments, etc. For sending money, one does not need to be a member of USAA. One needs a savings account or a checking account with the organization, which is at least 30 days old, in order to be able to transfer money from their mobile app. Money can be sent to anyone who has an email or a mobile number. Up to $1000 can be sent in one day, with a limit of three transactions daily. Through email, money can be sent to recipients in over 66 countries listed here, where PayPal is accepted. Throuhg a mobile number, it can only be sent to residents in the US.

Recipients who are USAA members receive the money instantly into their account with the organization. Non-members receive the money into their PayPal accounts. If they don’t have a PayPal account, they receive instructions from PayPal on their email or phone to create a new account and claim their funds.

The app can be downloaded from the respective app stores for Android and iOS and money can be sent immediately if one already has an account with USAA.

Send and Receive Money Using a Mobile Number with Paym

By Mohammed Waseem

The Payments Council of UK has launched a payment service called Paym – pronounced Pay Em, which enables bank customers to send and receive money using a mobile number. This service was announced a few weeks before launch on 29th April this year. Since announcement, it received over 400000 registrations; The Telegraph reports. The service has been adopted initially by nine banks and building societies including Barclays, Bank of Scotland, Cumberland Building Society, Danske Bank, Halifax and HSBC. According to The Telegraph, other banks and building societies have committed to join Paym later in 2014 and in 2015.

Customers can use the Paym service to send up to £250 a day without the requirement of a sort code or account number. The service works through a mobile app and sending money requires a smartphone app, which is the bank’s mobile banking app, that works on smartphones. The service has been integrated with the banks’ existing mobile banking apps. However, non-smartphone users can register to receive money, but can’t send it. According to The Week, Payment Council expects over 1 billion transactions through Paym, by 2018.

PayMParticipating banks offered incentives for using the service, in the form of discounts and rewards. For example, Santander is offering it’s current account holders £1 for registering their numbers, £1 for the first payment and £1 for the first receipt of payment; provided all these transactions happen before 31st of May, 2014. The service is simple and easy to use because users won’t have to ask for account numbers and sort codes, if the recipient has registered to receive payments on Paym; and the requestor of payment won’t have to give out the account number or sort code.

All the users have to do is register their mobile number against their account, by contacting their respective banks. The following link has registration instructions specific to each participating bank. Once registration is done, the mobile number will function like an account number.

In order to send money, the user has to register their mobile number and the current account number to send and receive money into, download or update the bank’s / building society’s mobile banking app, select the recipient’s mobile number from the contact list or enter the number manually, enter the amount and confirm the name of the recipient in order to initiate the transaction. Once confirmed, the funds will appear in the recipient’s account.

With every advance in payment technology, there comes a fraud risk. Most people are insecure about this service and fear loss of money or suspicious activities in their accounts. However, Payment Council has assured that the service is secure and that the users will be using their existing password-protected mobile banking apps so the same security levels will apply.

Transfer Money On The Go With The TransferWise App

By Mohammed Waseem

UK based money transfer company, TransferWise has launched a mobile app for Android which enables users to transfer money right from their smartphones to anywhere in the world within minutes. Started in 2011, they have been doing pretty well offering good exchange rates and low fees.

They use real currency exchange rates and are among the fastest and the cheapest ways to send money abroad. They claim that their fees are 10 times lower than what banks charge. They charge £1 for all transfers of amounts lesser than £200 and 0.5% of the amount for all transfers of higher amounts. USD transfers are charged at $15 for amounts up to $1500 and 1% of the amount for amounts between $1500 and $5000. For anything above that, the charge is 0.7% of the amount.

TransferWiseThey compete with banks for money transfer, but what about money transfers companies? Well, as far as fees are concerned, they are better than many money transfer services. They are also better in exchange rates because money transfer companies, apart from the fee they charge, make money from exchange rates as well; they provide a rate lower than the market, keeping the difference for themselves. Unlike this, TransferWise offers real time market rates for the transfers.

Having said all this, their concept may not work well everywhere due to the way they operate. Their service may work well between countries which transfer roughly equal amounts to each other and may have lesser significance and appeal for pairs of countries where the amounts transferred between each other don’t match. I have discussed more about this here.

The mobile app is available for Android and iOS and is free to download. Alternatively, senders can use their online service on their website.

Lydia, A Fee-Free Money Transfer App For France

By Mohammed Waseem

In my previous article, I wrote about Venmo, a mobile payments app from PayPal, which is available only in the US. France has a similar app and it is called Lydia; which works on similar lines with Venmo and is also fee-free, even while using a credit card to send money, unlike the latter which charges 3% fee for using credit cards.

Lydia aims to facilitate easy exchange of money between people and have partnered with Payline and SFPMEI in order to offer the best service. The app also has the mobile wallet feature which stores money in the account which can be transferred to a bank account overnight. Users can send money to anyone in France using debit cards and credit cards and can send money to friends who use the app.

Lydia AppLydia merges the credit and debit cards and the mobile, such that users can pay from phone instead of using the cards, as the cards are linked to Lydia. When the user chooses a card and makes a payment, the card is debited and money is transferred immediately, which makes it similar to the cards in the way they function. After the completion of each transaction, a confirmation message or a receipt is sent to the user’s email address. All receipts can also be accessed from the Lydia app.

Lyida can be used to pay, even without internet connection. However, in order to see the receipts, one has to have an internet connection. When a user sends money using Lydia, a QR code is generated, which has to be sent by SMS or email to the recipient by providing their mobile number or email. The recipient has 7 days to accept the payment and claim it, which can be done by scanning the QR code. Users can also request for payments through a text message.

When Lydia is free for users, how does it make money? Well, they have another product which is meant for businesses, regardless of their size; it is called Lydia Pro, and it is not free. It allows retailers to accept payments using the Lydia app. They are in turn charge 0.3% per transaction and a monthly plan starts at €4.90. Instead of charging higher fee and using the revenue on marketing campaigns to attract users, they chose to make the retailers their indirect promoters by charging lesser fee, thus attracting the retailers.

They presently have over 20000 users and have over 1000 retail customers, many of which process over 1000 transactions per month. Lydia is currently offered only in France, but they may expand internationally as they do not face technological or regulatory issues. The app is available on Windows Phone, iOS and Android.