Mi-Pay and Small World create ‘Mobile Money’ superhighway for mobile operators
Date: Mon, 06/29/2009 - 18:08
Unique partnership provides operators with instant, low risk access to international mobile topups and money transfers and paves the way for inclusive financial services
Leading international mobile money services provider Mi-Pay, and Small World Financial Services, Europe's leading global money transfer business, are partnering to provide operators with a ‘fast-track' solution for immediate global mobile money transfer and international prepay phone topup to over 30 strategic country corridors.
At last, mobile operators can meet growing customer demands for accessible financial services using a proven, secure mobile money platform, without having to wrestle regulatory red tape or carry heavy financial risks. Both Small World and Mi-Pay are leaders in their fields and bring an unrivalled and complementary mix of operational and regulatory expertise; business and technical processes; and key market knowledge, to facilitate mobile money payment solutions, globally.
Ideal for operators seeking to take advantage of the expanding Mobile Money market in Africa and other parts of the Southern Hemisphere, the service delivers enhanced offerings such as domestic money transfer; international money transfer; and even the ability to allow friends and family to perform international top-ups for overseas relatives' prepaid phones.
A new mobile money superhighway
The partnership allows Mi-Pay's mobile money payment solution to be integrated into Small World's money transfer hub, which is already servicing a number of European banks and together, creates a ready-made mobile money highway; offering Mobile Operators all the necessary regulatory, compliance and foreign exchange services to deliver immediate money transfer services globally and give their customers access to Europe's 3rd largest distribution network for sending money transfers.
At the same time, leveraging its 60 branches and over 1,500 agents, Small World will use the Mi-Pay Globaltopup service hub to offer international prepay phone topup to over 30 country corridors. This will enable Mobile Operators to offer a unique customer experience, increasing attractiveness of their retail offering, whilst improving ARPU and reducing churn.
By collaborating with Small World, Mi-Pay will be able to extend its services into new countries, leverage an enhanced distribution network and work much earlier with clients in the payment, regulatory and compliance process.
Fast, flexible service for operators & customers
Nick Day, Small World Managing Director states, "Mi-Pay's payments expertise, business process support and knowledge of online and mobile applications for top-up and transfer, allows us to manage and control a reputable, yet flexible service to our target customers. With Mi-Pay, we are now able deliver international airtime top-up and future mobile domestic money transfer services to both existing and new customers as we grow and expand our network worldwide."
"Mobile Operators are increasingly targeting broader segments of the community," comments Norman Frankel, Chief Executive of Mi-Pay. "Domestic and international money transfer and topups will be vital for stimulating new revenue streams from many of these rapidly developing markets. Small World are the only global money transfer hub successfully delivering white-label solutions off a sophisticated and scalable platform - and they provide the treasury, foreign exchange, settlement and customer support processes required to deliver high quality service for retail customers - together we can provide operators with easy-to-implement, quick-to-market mobile money solutions to attract and retain customers with compelling services that offer greater financial inclusion and lifestyle freedom."
He adds, "Together we can create a new ‘Mobile Money Superhighway' that combines greater scale and more distribution points with internationally compliant and regulation-ready solutions. In return, we can offer all parties faster implementation and a better price for participating in the payment chain."
The combined Mi-Pay and SmallWorld international proposition includes Money Transfer and Top-up hub, regulatory compliance, banking licences and business process management expertise. It is offered on a white-label and revenue share basis to mobile operators, wishing to drive additional revenue and reduce churn from existing customers.
Mi-Pay is a founding member of the GSMA's Mobile Money Vendor programme and is active participant in the Mobile Money for the Unbanked programme. Both Small World and Mi-Pay are advisory members of the International Association of Money Transfer Associations.