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.
Account 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.