Country: SingaporeImage1
Year: NC

Concept

  • Processing on mobile devices but also working through a mini-ATM, SmartPesa is a financial services platform that facilitates transaction for the underbanked
  • SmartPesa allows to process several transactions such as payments, cash deposits, withdrawals, balance inquiries, bill payments, loyalty schemes, fund transfers and remittances. The platform also provides solutions such as micro-finance and micro-insurance
  • Initially, SmartPesa was created to be a mobile point of sale but is now a multi-service system. The company works closely with partners across the globe to implement the solution in various local financial institutions
  • SmartPesa was founded in Singapore in order to be at the heart of growing financial technology expertise but the goal is to enter emerging markets such as Asia, Africa, Eastern Europe and South America in the coming years

Consumer Benefits

  • Secure: the platform works as a hardware security modules and a unique key is delivered per transaction
  • Real-time: card holder verification is performed in real-time thanks to an advanced technology
  • Unexpensive: Mini-ATM is a low cost payment platform and could be easily extended

How To Use

  • Users can tape the amount of the transaction on the phone
  • Using wireless, the phone forwards the amount to the reader machine
  • Users can enter the card on the reader and press enter to continue
  • Signature is done through the phone
  • A receipt will be sent to users by SMS

Illustration

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