Following its ongoing pursuit of innovation, ProgressSoft launched today its latest advancement in the payments field; PS-MPay, the Mobile Payment Solution that allows customers to conduct money payment transactions using their hand-held mobiles and smart phones.
Recognizing Mobile Payment as an expediently evolving paradigm, ProgressSoft has been dedicating its expertise in the financial and banking technology to embark on this field. Today, the company delivers a contemporary mobile payment platform that allows for country-wide and cross-border remittances.
"It costs us a lot to stay ahead in the payments arena. We are now leading the market with another pioneered Mobile Payment Solution from ProgressSoft. We want to change the lives and livelihoods of the financially excluded, and we want to move payments around the globe towards a new paradigm," expressed Mr Michael Wakileh, CEO, ProgressSoft Corp.
With PS-MPay, banking institutions and Mobile Network Operators (MNOs) can extend exceptional services, thus grasping significant opportunities and a vast market. The public can enjoy offered services whether they are banked or non-banked users by debiting and crediting accounts pertaining to their mobile phone numbers.
PS-MPay utilizes different simple approaches for sending out payment instructions, including SMS, USSD (the GSM defined # codes) or via the user-friendly Mobile Payment Application that is installed on the handset. Using any of these methods, several types of payment transactions can be conveniently conducted, such as Money Transfer between two mobile accounts, Bill Payments to a utility company or a governmental institution, and Balance Inquiry to check the balance of the mobile account. The system supports money movements between the client's mobile account and his registered bank account with Deposit/Withdrawal transactions. Cashing money is also made possible for non-banked people via Cash-In and Cash-Out options through agent outlets, or from ATMs if needed.
Benefits that can be reaped by deploying PS-MPay reflect on a wide slice of the community, embracing the macro economics of the country, the Mobile Payment Service Provider, MNOs, financial institutions and end consumsumers, which include individuals, merchants and corporations.
By furnishing such easy method of payment, the buying power of individuals increases, while the instant money transfer eliminates the hassle of clearing and settling micro payments, thus achieving a shorter economic cycle. This service will translate into a new income stream for MNOs; increased Average Revenue Per User (ARPU) can be realized from extra payment-related revenues, increased air time and data use, and reduced churn.
Upon joining the PS-MPay network, banks can differentiate themselves from others which are not on the network or are late comers. With reduced cash handling, financial institutions can lower their cash related costs while growing a loyal customer base or even attracting new customer segments (un-banked).
End customers using their mobile phones to send money and pay bills will replace the need to carry cash with a convenient, hassle-free method of payment that can avail faster access to funds anytime anywhere.