Micro-Payment Solutions

The evolution from a cash-based to a more modern economy is inhibited by the lack of underlying infrastructure enabling electronic transfer of funds and access to even the simplest banking services.

Access to the banking system in developing countries is typically limited to the major cities. In the more remote areas it is not feasible for banks to open branches or set up ATM centers because connection to a data network is lacking and, no less importantly, the cost involved is prohibitive.

It is therefore exceedingly difficult for businesses and banks to offer Micro-Credit facilities to consumers in these areas. Likewise, consumers are unable to benefit from access to simple payment-related services such as money transfers, payment of utility and other bills and access to their cash (for those few who have bank accounts).

As a highly cost effective solution, the SimPhony System enables mass deployment of our terminals by banks and other providers of financial services wishing to offer basic services to under-served poulation segments without incurring significant capital expenditures.

Selected Applications for Micro-Payment Solutions

Our first and simplest micro-payment solution is the provison of handset top up services via our terminals. Using our terminals, the store owner can top up handsets of customers whose prepaid balances are running low. The top up is in the form of a data message to transfer a given balance from the store owner's credit on our SimPhony Terminal to the customer's handset.

When deployed in partnership with a local bank, the SimPhony System can function as an electronic payment system that obviates the need (as well as the time-consumption and high expenses) involved in the cash collection and deposit process currently conducted by the delivery truck drivers. In addition, once we create a data-connection between the privately-owned retail establishment (e.g., shops, kiosks) and a local bank, end users can be offered micropayment services such as utility payments and payments for other essential services without requiring them to have a bank account. End users that also have bank accounts will be able to make small cash withdrawals in locations too remote and too expensive for the bank to service through regular outlets. Services enabling customer to use their SimPhony SIM cards to transfer cash from/to remote locations and make payments to third parties such as to pay utilities can be offered.