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Remittances

Accessible money transfers from mobile to mobile

Anyone with a cell phone can conveniently send, receive, and spend remitted funds. Funds can be sent instantly: on the web, with an agent, or on the go. Anyone with a cell phone can receive a money transfer. The recipient may retrieve cash or can spend funds directly in a store or on the web using their phone to secure the transaction. All existing cell phones can be used without prior enrollment or special apps.

Aditya sends money to his family every month using his phone. He knows that in an emergency he can get money to his family in a simple phone call. His family won't have to travel far to pick up cash and can use their phones to pay for goods and services directly.

Remittance: How it Works

Sending Money

Customers can send money with TagPay through three possible channels:

By depositing cash with an Agent who performs the transfer for the customer.
On the web via the TagPay client interface.
By calling an Interactive Voice Response Server (IVR) and following verbal instructions to send funds.

Customers who already have funds in their TagPay account can use channels 2 and 3. These funds are loaded on the web using a payment card or cash was deposited with an agent.

In all three cases both the sender and recipient’s phone numbers are provided and verified for security and traceability. No prior enrollment is required of the recipient who is notified of the remittance by SMS (or other channels).

Retrieving and Spending Money

Recipients can withdraw the funds in increments or all at once at designated ATMs and cash-out locations. The recipient’s mobile phone must be present to authorize any withdrawal.

Recipients also have the possibility of spending the funds received directly in a store or on an e-commerce website. NSDT™ is used to authenticate the recipient via their mobile when they make a purchase. Recipients can even send the money they receive to others.

When spending funds on a website or in a store, the recipient is invited to enter his mobile phone number and pass code on the web page or merchant’s phone. TagPay instantly calls the recipient’s mobile phone sends an NSDT™ chirp through the web page or merchant’s phone. When heard by the recipient’s phone the transaction is completed.

Remittance: Benefits

Money can be sent to any mobile phone in the world
Extremely Secure—the phone must be present to send, withdraw, and spend funds
Full traceability and transparency with built-in KYC to meet regulatory requirements
Cost effective "cashless transfer model"—funds spent directly from the mobile reduce cash-distribution costs and creates revenue from merchant fees
User-friendly and viral—several channels for sending and using money conveniently
No paper, no plastic, no SMS, no hassle

Remittance: Case Example

MikeMusa

MikeMusa operates a money transfer service between the UK and Zimbabwe.

Clients in the UK remit money to recipients in Zimbabwe who can chose to withdraw cash, pay bills, buy airtime, or make purchases in various local and online stores.