Mobile
Money is on the Move yet again, gentle people!
I’ve
been quietly awaiting the coming of Mobile Money from Digicel in the form of a
partnership with Scotia Bank and a revamped version of Tcho Tcho Mobile as
described in my blog article entitled
“Digicel
to roll out Mobile Money Service in 2014 - Haiti Tcho Tcho Mobile Love is
Bringing the Boom with ScotiaBank heralds Cashless Society by 2015”.
That
hasn’t happened yet.
But
other smaller players are slowly building up critical mass in a bid to become
the dominant player in the lucrative Mobile Money Game. Once such company is AFSL
(Alliance Financial Services Limited) and their Mobile Money platform and
Product, the ePay Prepaid Card, which recently got the nod from the BOJ (Bank of
Jamaica) as stated in the article “ePay
gets nod for Mobile Money transfers”, published Wednesday, September 10,
2014 by TERRON DEWAR Business
reporter, The Jamaica Observer.
And based on their build up over the past four (4) years since launching in 2010, they look set to be the Next Big Thing. ePay Prepaid Card is the ultimate harbinger of Jamaica’s push towards a Cashless Society after having gotten the ok from the BOJ (Bank of Jamaica) to enter the Mobile Money Market.
AFSL’s ePay Prepaid
Card – Smartphone Cashless Society grows from Blackberry’s to Smartphones
ePay,
which is a brand of AFSL (Alliance Financial Services Limited), has some 6,500
active users that they’ve amassed over their four (4) years of operation in
Jamaica.
This
as their meteoric rise is being fuelled by the explosion of smartphones since
December 2013 as stated in my
blog article entitled
“Jamaicans
falls in love with Digicel's DL600 and DL700 during Christmas 2013 - Sub-US$100
smartphones driving rapid smartphone adoption in Jamaica as Manufacturing is
Possible”.
They previous lure on Blackberry during the heyday of competition between Digicel and CLARO that saw a blossoming of Blackberry Plans which began to wane by May 2012 as stated in my blog article entitled “Blackberry popularity wanes as Jamaicans go smartphones - Android and Apple's Smartphone Revolution”.
They
eventually went bankrupt in 2013 and were sold to Fairfax Financial Holdings
Limited in November 2013 as reported in my Geezam
blog article entitled “Blackberry
sold to Fairfax Financial Holdings Limited as BBM goes free”.
This
trend started by the DL600 and carried forward by the DL700 continue in a
follow-on, West Indies Cricket Style during the Summer of 2014 as explained in my blog article entitled
“Digicel
poised to sell 20,000 Mobile Devices in June 2014 - GOJ's CET removal means
JA$4000 to JA$6000 smartphones are Possible”.
AFSL’s
ePay Prepaid Card successfully negotiated the transition from Blackberry to
smartphone, making a smartphone App for Android and Apple devices and holding
on to their loyal client base of 6500 customers!
AFSL’s ePay Prepaid
Card – ScotiaVisa Debt Prepaid Competition that sports cheaper Charges and
Rates
Their
Prepaid Card, which the rough equivalent of a ScotiaVisa Prepaid Debit Card,
allows you do financial Transactions via your Mobile phone using an application
that you have to download as explained by ePay Limited Director Lennox
Robinson, quote: “Cardholders will just have to download the Mobile
application, select the transfer funds option, and insert the recipient's card
number and the amount of fund to be transferred”.
Explains
the small number of customers; they're primarily focused on the slowly growing
smartphone crowd that's making Money. Their Prepaid Card allows you to transfer
funds to other ePay Cardholders for Free and do financial transactions with a charge
as low as JA$30.
The
ePay Prepaid Card is available at some 45 MoneyGram locations which also
doubles as a top-up spot for those toting what may be a slow and steady build
towards Mobile Money, albeit exclusive to the Smartphone Crowd. Not sure if
their business model was sustainable with just 6,500 active users, but they’ve
survived for the past four years doing this.
Plus,
they're aiming to boost their customer base by expanding to an additional 150
outlets in the next three (3) Months and pitch their ePay Card to employers as
a low-Transaction Rate option to Commercial Bank based Debit Card Bank Payments
for salaries.
They’re
hoping to snag some 300,000 new customers over the next 12 to 18 months by marketing
their ePay Product directly to the 550,000 PAYE (Pay as You Earn) Monthly
Salaried workers in both the Private and Public Sector in Jamaica.
Aside
from their super low transaction rate, their customers are also able to
purchase the following items:
1.
Utility Bill Payments
2.
Automotive fuel
3.
Fast Food restaurants
4.
High Schools Fee Payments
Yep,
definitely the smartphone crowd, the only persons I know who'd invest in a
Prepaid Card JUST because it has the perk of Free inter-ePay Account Transfers and
JA$30 charge per transaction. Now with the convenience of a Google Android
Smartphone App, they’re set to truly herald in the Cashless Society.
AFSL’s ePay Prepaid
Card – Barbarian at the Gates as Mobile Money will spark Cashless Society
Ever
since JCCUL (Jamaica Cooperative Credit Union League) had also partnered with
Mozido Jamaica Limited to launch their Mobile Money Platform JCUES (Jamaica
Credit Union e-Payment Services) in 2012 to conquer the US$2 billion Remittance
Market as stated in my
blog article entitled “JCCUL
JCUES is put on hold by the BOJ - ePayment setback means Mozido has been
Bewitched”,
momentum has been building for a full Mobile Money Launch.
Now that Mobile Money is legit since
July 2013 with JCCUL’s JCUES being approved first after the BOJ (Bank of
Jamaica) had implemented Regulations as noted in my blog article entitled “JCCUL
get's approval from BOJ to launch their JCUES Mobile Money Platform - JCUES Mobile
Money Wolverine (2013) marks the Kick-Ass 2 (2013) beginning of a Cashless
Society”, the Mobile Money Market has fairly blossomed.
GraceKennedy, Franchisee of Western
Union, handles 50% of all Remittances as stated in the article “GraceKennedy responsible for half of Jamaica's
Remittances, says Wehby,” published Sunday November 25, 2012, The Jamaica Gleaner , is also interested
in Mobile Money. They too are joining the Mobile Money Race as explained in my blog article entitled “BOJ to regulate and approve Mobile Money Industry in
Jamaica - JCCUL JCUES is the Man of Steel as GraceKennedy joins The Last Stand
for a Cashless Society”
SVL
(Supreme Ventures Limited), sellers of the popular Super Lotto and Cashpot
Games, is also interested in Mobile Money as an additional Service to be
offered at it many outlets islandwide, especially as relates to Mobile Gaming
as explained in my blog article entitled “BGLC
to introduce i-Gaming via smartphones - i-Gaming heralds Supreme Ventures Mobile
Money Cashless Society dipping directly in Church Tithes”.
So
AFSL’s ePay Prepaid Card entering the Mobile Money Industry that allows them to
send Money via inter-ePay Transfers was inevitable. Expansion beyond this crowd
will not only require getting new customers, but expanding the list of
Merchants that accept the ePay Prepaid Card.
Any
new payment option using their EXISTING POS (Point of Sale) Terminals must be
secure, as buying a new Terminal will turn off corner shops and Businesses from
jumping unto this fast-moving Mobile Money Cashless Society Bandwagon.
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