M-Money - Finances, Banking and Payments through mobile phones

Contents

Foreword

Introduction

Key findings

1. Background, definitions and context

1.1 The relentless march to electronic finances

1.2 Why focus on the mobile phone?

1.3 Some initial definitions – M-Payments, M-Banking or M-Transactions with Financial Services?

1.4 Additive or transformational

1.5 Existing propositions

2. Market Analysis - Does the market want mobile phone enabled financial services?

2.1 Paying for your soda – micro-payments

2.2 “George, let me buy you a drink” – person to person payments and the remittance connection

2.3 Can I pay by phone? - Branchless banking

Box 1: Simplifying bank account operations and security – The Msanzi Account

2.4 Conclusions

3. Pre-figuring m-payment – airtime transfer

4. Attitudes to banking in three African countries – results from a consumer survey

5. Introducing four pioneering systems

5.1 Globe Telecom’s G-Cash

5.2 Smart Communications’ Smart Money

5.3 Wizzit

5.4 M-Pesa

6. The user experience

6.1 The General Model

6.2 Registration

Box 2: Emerging vein pattern technology

6.3 Deposit

6.4 Transfer

Box 3: Banco Solidario: Offering charge-free transfers between countries

6.5 Withdrawal

7. The customer business model interface

7.1 Registration – Resolving trust issues

Box 4: Creating trust: terms and conditions for M-Pesa account holders

7.2 Deposit and withdrawal

Box 5: Simba Cash: Agents as local branches of banks

7.3 Transfers

Box 6: Montise: An additive model

7.4 Business models and market segments

8. Enabling regulatory environment

8.1 Registration

8.1.1 When is a bank account a bank account?

8.1.2 Risk Based Management

8.2 Deposits

8.2.1 Is the deposit e-money?

8.2.2 Are agents registered?

8.3 Transfer

8.3.1 What constitutes an e-signature?

8.3.2 Are consumers protected?

8.4 Withdrawal

8.4.1 Foreign Exchange

8.4.2 Market competition

8.5 Policy and regulatory implications

Background documents

Charts, tables and maps

Charts

Chart 1: USA: Estimated total number of transactions by payment instrument

Chart 2: Financial flows to developing countries – 1990-2006 US$000

Chart 3: Access strands compared

Chart 4: Reasons for not having a bank account

Chart 5: Global adoption patterns

Chart 6: Zambia – Projecting potential bank account holders based on cost

Chart 7: Low-income customers: attitudes to m-banking

Tables

Tables 1 and 2: Botswana – Settlements with a bank presence and major un-banked settlements (population >0,000)

Table 3: Botswana - Bank choice drivers

Table 4:How people with bank accounts store cash (%)

Table 5: How people without bank accounts store cash (%)

Table 6: How people with bank accounts access small amounts of money (%)

Table 7: How people without bank accounts access small amounts of money (%)

Table 8: How people with banks accounts view M-Money and technology (%)

Table 9: How people without bank accounts view M-money and technology (%)

Table 10: Methods of registration by location

Table 11: Deposits by location, convenience, cost and technology

Table 12: Transfer in terms of timeliness, security, cost, benefits and technology

Table 13:Withdrawal in terms of location, convenience, cost and technology

Table 14 A and B: Developed and developing country market segments

Maps

Map 1: Global international remittances by region

Map 2: Patterns of North and West African migration

Illustrations

Illustration 1:Screens on mobile phone for touch reader for Visa’s payWave

Illustration 2: How Balance Transfer Services work

Illustration 3: G-Cash web site

Illustration 4: Smart Money web site

Illustration 5: Wizzit web site

Illustrations 6 and 7: M-Pesa web site

Illustration 8: The user experience model

Illustration 9: The user experience in terms of identity, location and technology

Illustration 10: The deposit experience in terms of location, convenience, cost and technology

Illustration 11: Transfer in terms of timeliness, security, cost, benefit and technology

Illustration 12: Withdrawal in terms of location, convenience, cost and technology

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