Mobile Money

G&D Mobile Money transfer solution

Mobile Money solutions from G&D enable simple and secure access to banking services like deposit and withdraw money, transfer money, pay bills and purchase airtime. These services can even be used by people who do not have a bank account.

What does Mobile Money mean?

Mobile Money is a financial service that comes under the category of mobile payments. Just like NFC, the payment process is contactless. However, while NFC only works at close hand, Mobile Money also allows money to be sent over great distances using cell phones. Because of this ease of use Mobile Money is very widespread in countries with under-developed banking systems.

Who benefits from Mobile Money?

In a similar way to prepaid accounts for cell phones, a user’s money is saved by a service provider – the user usually having no bank account or nearby ATM. Users can use their cell phones to send money to their families or friends. The recipient can convert this to coupons to cash through an agent, use it to make telephone calls or send it on to someone else.

Who operates Mobile Money?

Mobile network operators, financial institutions, and payment service providers all play a role in this market. Virtual accounts must be created in order to be able to transfer money without physical bank accounts. Mobile Money systems consist of four players: the sender, the recipient, and two agents. The sender and recipient each have a virtual account with their provider for their cell phones; the two agents have actual bank accounts.

How does Mobile Money work?

The transfer is simple: the sender chooses the service from a menu on his cell phone, e.g. Money Transfer, enters the recipient phone number, the amount and the security PIN. The recipient gets a message on her phone that money has been credited her account and the sender gets a message that the money has successfully been transferred.

What is behind Mobile Money?

In the background, there is a system that offsets virtual money with real money. G&D provides Mobile Money as a one-stop-shop solution including reliable identification of the individuals, provision of the applications and the background system, and secure transfer of the money.