Phone-based payment and Money transfer software

The M-Cash software manages virtual accounts that may be linked to bank accounts (option) for money transfer within a country. The M-Cash operator registers customers' SIM cards numbers as account numbers. Each customer receives by SMS a One-Time Activation Code (OTA) to create a transaction passcode and to activate his account. The system is made up of M-Cash backoffice and M-Cash client and the customer provides Windows 2003 Server OS, a compatible Messaging software + GSM/GPRS modem(s), and an IVR software + TAPI telecom media card(s) for IVR access channel enabling to operate independently from mobile network operators. M-Cash allows two types of services: M-Cash Out for unregistered customers and M-Cash Business for registered customers.

M-Cash Out uses a network of Agents which outlets provide, through agent's M-cash account, money transfer and payment services to unregistered customers. Customers hand over cash to the outlet agaibst a receipt and the recipient will cash money out minus sevice charges at another outlet where he/she signs a discharge receipt. Parties involved into the transaction receive a confirmation SMS indicating the amount, the transaction secret number and the transaction code.

M-Cash Business enables customers to make any kind of payment and transfer from their M-Cash accounts and even to top up their account by handing over cash to M-Cash agents.

As an option M-Cash can be interfaced with a bank server through a secure connection and in this case any M-Cash account is linked to a bank account and any bank account has a linked M-Cash account. This is an interesting offer to banks as they become able to reach much more customers through M-Cash thousands of Agents. The bank integration also limits funds needed to guarantee transactions because most of customers will be having the physical cash into their conventional banks licensed to keep customers' cash.

M-Cash transaction ordering, authentication, processing and settlement are in real time, each involved party gets a confirmation SMS within five minutes. Otherwise the transaction is cancelled after 30 minutes.

Channels available to access the M-Cash platform are SMS and / or IVR system. The SMS channel requires its operator to partner with a GSM network operator in order to avoid SMS fraud at the SMS-centre otherwise an extra cost for an SMS encyption software will be added and the operator will have its M-Cash agents use mobile handsets that support it.

Pricing: USD 95,000 for one access channel ( SMS or IVR ) and extra USD 15,000 for both channels. The software license is per server processing maximum 1 million transations per month. Logistics costs linked to the local customization work of our technician is an extra charge and in line with international terms.

Phone-based payment and Money transfer software enabling to become a money transfer service provider by registering customer SIM