Mobile Potential has developed and deployed it’s Secure Mobile Payment (SMP) solution. We saw the need for a new low-cost real time payment solution which closely matches the cash experience in under-banked communities.
In its simplest form SMP is a real time clearing house that can do secure transaction settlements to multiple financial institutions in real time. This was a critical requirement as real time settlement lowers the risk for fraudulent transactions, and it also allows for instant gratification on impulse purchases.
Communication and financial security are the two cornerstones that can transform communities that are isolated from a broader economy. Although the mobile phone is broadening the communication coverage to all communities, we believe a trusted low-cost payment method is the next step in unlocking the potential of under and unbanked communities.
Our solution can be implemented by traditional financial institutions on the one end of the consumer spectrum as well as by non-profit community or service organisations on the opposite side of the scale.
