Advancements in mobile payments technology have allowed corporations to reduce their cost of cash sales. Consumer goods companies operating in emerging markets are set to benefit most, although developments in the mobile payments sector have also a positive impact on corporations in all markets globally. Mobile operators, payment providers, platform vendors and governments are well-positioned to gain from the sector’s advancement.

Significant Opportunity for Corporate Payments

Mobile technology is revolutionising financial services throughout the world and, many of these developments have been consumer-led and focused. However recent technological advancements have opened a significant opportunity for corporate payments, and for corporate disbursements and collections.  the business case for companies in the fast-moving consumer goods (FMCG) market is particularly strong, Mobile Money Consulting has found. Even in more developed markets where cash constitutes a smaller yet significant proportion of sales and collection.

Driver for Mobile Payments Industry

Corporate Mobile Payments present an opportunity to build the wider mobile payments ecosystem from the top down. Bypassing on some of the savings from mobile technology, corporations can encourage the acceptance and adoption of mobile payments from distributors, merchants and consumers alike. This incentivisation through the distribution channel also has a positive impact on financial inclusion, particularly in emerging markets as more consumers, merchants and SMEs are encouraged to use their phones for payments and transfers.

Convenience

• Bulk payment – salary/lamp sum payment via mobile money
• Collection account – collecting money from different customers via mobile money
• Send and receive payments easily from business partners
• Make bank transfers& Pay Bills easily and safely
• Capacity for making payment to numerous vendors for various goods& services at the same time.

Accessibility

• Create and easily activate  your Mobile Money wallet
• Improve “time and opportunity cost”
• Reducing the need for long queue’s in banks and bringing them into the fold of modern economy.

Cost-effectiveness

• Reduce financial services costs and speed of payments
• Enjoy an easy-to-use and instantaneous financial tool
• Reduce money transfer / financial services costs (ie. set up costs, no  physical banking infrastructure (purpose-built)

Trust

• Reassure clients on the “security” which is based on Banking industry standards
• Partnership with banks and approved by the regulator (BNR)
• Accounts are secured using PINs with standard encryptions