Tag Archives: mobile wallet

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.

Get Ready For Apple Pay, The Mobile Wallet By Apple

By Mohammed Waseem

While the world is going mobile, a number of companies are pitching into the payments space to make the best of the market before anyone else does or before the market saturates. Mobile payment is not available in many countries, but initiatives are being taken by many organizations to introduce the service all over the world.

Hopefully, with Apple Pay, the new mobile payments service by Apple will reach everywhere iPhones and iPads are used. Currently, Apple is launching the service in the United States only. With this service, Apple mobile device users can checkout online and at retail locations across the country. Launching this month, the service will be available only for iPhone 5 and later models including iPhone 6 and Apple Watch. iPhone 5 users can use this service with the Apple Watch.

Apple Pay by AppleThe technology used for the Apple Watch is amazing; whether the wearer is the owner of the watch or not is confirmed with the detection of the wearer’s skin beneath the watch, through a PIN code entered when the watch was first put on. The technology used for payment is NFC (Near Field Communication), which is used in contactless payments or cardless payments.

The response to this from businesses is amazing; 222000 vendors are already supporting Apple Pay. Supported Apple devices come with a dedicated chip that securely stores a unique number called the Apple Pay ID. This ID is used when payments are made, the last 4 digits of the same would show on receipts.

Apple Pay would act as a mobile wallet that stores cards which would be used for making the payments. It would be seamlessly integrated with most of the apps for in-app purchases. Even while purchasing in store, the service is highly secure as the vendor would not know the user’s card number, name, or any other personal information. Interestingly, even if a device is lost, the payment information would remain secure.

Let’s wait for the service to launch and see how far it goes. It would be nice to see it introduced in other countries as well.

Send Money to Remote Places in Bangladesh

By Mohammed Waseem

Bangladesh is the country which has the highest density of population. Most of the people there live in rural areas and only 15% of the citizens of the country have access to financial services. Sending and receiving money is something unheard of for many. Introduction of innovative, instant money transfer service is a good idea and has a huge potential in this market.

bKash, a joint venture between US based company, Money in Motion and Bangladesh based BRAC Bank offers a mobile wallet and allows users to send money to each other in Bangladesh. It functions as a subsidiary of BRAC Bank. bKash was introduced to address the need to make financial services available to everyone in Bangladesh regardless of the remoteness of their location.

bKash70% of the Bangladeshi population lives in rural areas and only 15% have a formal connection with a banking system. It is also reported that over 68% of Bangladeshis have mobile phones. To make these mobile phones more than just devices to talk on, this service was introduced.

bKash works with the existing mobile networks, currently including Robi, Grameenphone, Banglalink and Airtel. Money can be sent to any bKash user within Bangladesh in seconds by only entering a few details on any mobile phone, not necessarily a smartphone. Recipients can cash out the money at various places including a wide agent network across Bangladesh.

To send money, users need to dial *247# and choose ‘Send Money’. Recipient’s bKash wallet number has to be provided along with the amount, before entering the reference message and the PIN and confirming the transfer.

The service is available across Bangladesh and is fast, secure, affordable and convenient to use. Users can also receive money from abroad from their family members working in foreign countries. The service can be used by any Bangladeshi who is above 18 years in age and has a valid identity proof including the National ID, Driving License or Passport. Opening an account is free, but cash out may be charged nominally.

Mobile Wallet Provider, Isis to Change its Name

By Mohammed Waseem

Mobile Wallet provider Isis has been inevitably forced to change their name since the acronym “ISIS” has become synonymous to the terrorist group from Syria. They are working on re-branding and haven’t released a name yet.

“However coincidental, we have no interest in sharing a name with a group whose name has become synonymous with violence and our hearts go out to those who are suffering” CNET.com reported the Isis Mobile CEO, Michael Abbott saying. So, the name which took years to develop will unfortunately require a change; the team is actively working on looking for a new name. The Isis mobile wallet service is jointly run by Verizon, AT&T and T-Mobile.

Isis MobileThe service was launched in November 2013 in the US and is available nationwide. They took a long time for joint venture teaming, trials, etc. after which they had come up with a name. Now, if they don’t change the name, it will surely affect their brand due to obvious reasons. Even though they are totally different, the fact that it is synonymous with ISIS would make the people choose a different service; this is why the name change is vital.

Isis Mobile allows users to pay for purchases by adding participating credit cards from American Express, Chase or Wells Fargo or by setting up an American Express Serve account. Money can be added to this account with a US bank account, a credit card or a debit card. This means that if the user does not hold one of the three supported credit cards, they can use any other debit or credit card by setting up an American Express Serve account.

The app also holds offers from participating merchants, exclusively available to Isis users. Users can pay at over 200000 locations across the US, where contactless payment is accepted. They just have to wave the phone over a screen to make the payment. The app is available on Android and iOS.

After so much hard work choosing the name, it will obviously be difficult to change it, but if they don’t, they may fail to become established.

Make Your Phone Your Wallet With Google Wallet

By Mohammed Waseem

We have heard about electronic wallets and also about few well known wallets in operation. But have we heard about Google Wallet? It is a product from Google which enables users to send money and make payments. It allows them to store money, as well as credit card and debit card information.

Google Wallet is a mobile payment system developed by Google, which allows users to store cards and redeem sales promotions on their mobile phones. Users can shop online, send money and even shop in stores with the wallet. The sales promotions and loyalty points from shopping can be redeemed at checkout while shopping with Google Wallet. It also supports international transfers and the higher limit per transaction in all cases is $10,000 which is quite good.

Google WalletContactless payment is also supported by the app and can be used in stores where contactless payment is available. The service is called ‘Tap and Pay’ which enables payment to be made without any effort, from the preferred payment method preselected. Wallet balance can be spent and withdrawn (at ATMs) using Google Wallet Card as well, which works like a debit card. Payments can be made by swiping cards at MasterCard locations.

Money can be sent to anyone in the US with an email address. To send money, a user needs to login to Gmail and compose an email addressed to the recipient and then select ‘Attach money’ from the email options. Transfers are free when money is being sent from the wallet balance. However, debit card and credit card transfers are charged at 2.9% per transaction (minimum $0.30). Money can be received for free and spent instantly after it has been received into the wallet balance. Instant notifications are also available, both to senders and receivers.

Online shopping can also be done using the wallet and payment can be made on mobile apps and sites in as few as two clicks. All the user has to do is select the ‘Buy with Google’ button. Android phones support automatic sign in to Google, which ensures speedy processing. Purchases can be tracked in one place with the Google Wallet app.

Google Wallet is the most widely used wallet due to the fact that almost everyone has a Google Account and all services offered by Google can be accessed from one single account.