Person-to-Person Transfers, Bill Payment, and Purchasing from Mobile Phones
NEWTON, Mass., April 1 /PRNewswire/ -- MoreMagic Solutions(R), the
leading mobile payments platform provider, announced the availability of
its MWallet(TM) mobile cash solution for mobile phone subscribers
worldwide. By offering MWallet, service operators around the world are able
to build on the success of the MoreMagic MTopUp electronic recharge
solution, expanding into new markets and customer demographics. MWallet
increases ARPU, and creates a new transaction-based revenue opportunity for
the service operator, without new capital investment or changes to the
dealer and merchant network. The service is readily available to customers
throughout the world who do not have a bank relationship, and are often
remote from family, friends and community.
Using the internet, or at a dealer location, a subscriber chooses how
to get funds into the MWallet, with cash, salary transfers, credit cards,
bank accounts, or loyalty programs. Using a mobile handset, POS device, or
web interface, the dealer registers the customer and creates the MWallet.
Funds can be used in numerous ways, e.g., as a gift or repayment to another
person, to pay a bill, purchase a product or service, pay for parking, or
convert to airtime.
The MoreMagic MWallet for Mobile Money Transfer is currently deployed
in three countries, with additional deployments planned throughout 2008.
"Once accustomed to the convenience of paying for parking with the
mobile phone, our typical customer is looking for the mobile phone to do
even more," said Paul Donnan, CEO, Park by Phone, County Cork, Ireland.
"The MoreMagic MWallet solution allows us to offer money management
capabilities to our customers, adding more purchasing power to the mobile
phone service."
"In more than 30 countries, MoreMagic has helped service operators
expand their business with our MTopUp electronic recharge solution," said
Pankaj Gulati, chairman and CEO, MoreMagic Solutions. "Subscribers are now
familiar with this service, and understand how the MWallet makes cash
transfers and payments more convenient. In the very competitive market for
mobile phone service, a whole new set of subscribers will be drawn to
operators who offer the powerful cash management capabilities of the
MWallet."
About MoreMagic Solutions
With deployments in more than 30 countries worldwide, MoreMagic
Solutions offers electronic payments platforms for mobile operators,
content providers, distributors, and banks, enabling consumers to purchase
goods and services on demand using a mobile phone or the web. MoreMagic's
high-throughput payment engine and pre-packaged applications enable
customers to offer new revenue- generating services, including Mobile
Payments, Mobile Banking, and Mobile Money Transfers. MoreMagic also
delivers its solutions in a secure, hosted, and fully managed environment
to facilitate managed service business models as an alternative to system
purchase. http://www.moremagic.com.
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