Mobiles have disrupted the way we live, the way we do business and even the way we socialise. Today, mobile phones have the power to enable transactions between two parties. That not all, according to recent estimates close to 2 billion users will be carrying mobile phones with payment processing capabilities. This opens up huge opportunities to expand business and growth which is fuelled by the millennials, the generation most likely to use m-commerce solutions in addition to regular mobile banking offerings. At the same time in the Indian context – 40% of the population does not have access to a bank account in the low income group and rural sections of society. So there is a huge potential to tap this virgin market by taking technology to grass roots. The Government of India and the Reserve Bank of India have recommended increased access to banking services for the under banked.
Even more significantly, according to the Data published by the Reserve Bank of India - over the past four years, mobile wallet transactions have jumped from Rs 10 billion of transactions in 2012-13 to more than Rs 490 billion in the year 2015-16.So what is a mobile wallet?
Mobile wallet is a digital wallet similar to the physical one we carry. It refers to payment services performed under financial regulation using a mobile device. The user essentially replaces mode of payment from cash, cheque or card to mobile phone and pays for a range of services and digital or actual goods. Digital wallet stores digitalized valuables for authorization like personal identification or loyalty card or login data etc. and even non- personal authentication like tickets for events, hotel keys, coupons etc.
VisioNext’s Vision Pay
VisioNext has recognized the huge promise that mobile wallets offer whether it is bringing convenience in the lives of the urban population or whether it is empowering the rural under banked. Therefore, its Mobile wallet solution, Vision Pay is aimed at realizing the full potential of Mobile Money and helping build a robust financial inclusion platform. Vision Pay is VisioNext’s totally customizable licensed product.
What does Vision Pay do?
Vision Pay, enables payments for purchase of goods and services like gas filling at petrol stations, grocery payments, vegetables purchase payments, auto-rickshaw payments etc. using mobile phones. Vision Pay Mobile solution lets financial institutions unleash the power of Mobile Technology so that end customers enjoy the convenience of hassle - free transactions using their mobile phone in a secure manner. The solution attempts to make the payment ecosystem cash and card free!
Vision Pay: Key Features
Technology and Interfaces
Vision Pay has a robust technology framework-
The Vision Pay Advantage
- Balance Enquiry
- Mini statement – Last 10 transactions of the linked account – Core Banking or Mobile Wallet Account
- Funds Transfer -
- Via mobile number
- Via 16 digit Wallet ID No.
- Via Quick Response (QR) code
- Transaction limits – are defined at the time of APK generation and can be defined as daily, weekly and monthly limits
- Can be provided across all commonly used devices (Feature and Smart phones) and technology platforms (Android, iOS, Windows, Blackberry)
- HSM based security with Triple DES encryption
- Every device is assigned a unique device id, virtual card number and terminal keys
- Login and Mpin based two factor authentication with optional OTP for each transaction
- Transactions are validated against device id, card number and terminal key
- Transactions processed via ASCII channel of the financial switch
- ASCII Channel hosted on demilitarized zone for additional security.
- For the Bank -
- Vision Pay promotes a cash free environment thereby reducing holding cost of cash
- Promotes customer to customer (C2C) payments in a manner that is convenient and quick. Mobile is the new cash!
- Customer balance is retained with the bank as ‘float funds’ to be deployed in interest bearing instruments
- Reduced risk because of low value, C2C payments
- Financial institutions can propose Vision Pay as a value add service to its customers and capture a higher share of the customer’s financial wallet
- For the Customer –
- Customer’s cash continues to lie in interest bearing accounts
- Vision Pay is secure as no data is stored on customer’s mobile device/SIM card
- Customer need not add beneficiary details such as bank account number, bank- branch identifier codes etc. to make payments
- Instantaneous funds transfer
- Low charges on funds transfer as opposed to traditional funds transfer methods
Speak to us today to understand how Vision Pay can transform your business !
Back