My Thoughts on Technology and Jamaica: How NCB Mobile Money by AIS and Quisk heralds Mobile phone ATM Withdrawals by December 2016

Sunday, May 29, 2016

How NCB Mobile Money by AIS and Quisk heralds Mobile phone ATM Withdrawals by December 2016

“Other companies seeking to offer services leveraging mobile accounts would need to partner with an approved institution”

NCB's chief digital and marketing officer Nadeen Matthews commenting on their Mobile Money approval from the BOJ

Jamaicans, bear witness to history.

NCB (National Commercial Bank) has finally gotten approval from the BOJ (Bank of Jamaica) to roll out their Mobile Money platform as reported in the article “NCB Granted Approval For Mobile Money”, Published Sunday May 29, 2016, The Jamaica Gleaner.

They become the first Jamaican Commercial Bank to obtain approval for their Mobile Money platform powered by technology partners AIS (Advanced Integrated Systems) and Quisk.

AIS and Quisk Mobile Money 2.0 - Financial instructions jumping on the bandwagon

Referred to as Mobile Money 2.0, AIS and Quisk had stated that they'd be launching in the next two (2) months in July 2016 as noted in my blog article entitled “How Quisk and AIS Mobile Money 2.0 heralds Cashless Society in Jamaica in July 2016”. 

This suggests that other partners who are using their technology as explained in my blog article entitled “Why VMBS joining AIS and Quisk Mobile Money 2.0 Platform as Avengers Assemble” will be launching at the same time, as the BOJ may soon grant them approval:

1.      NCB (National Commercial Bank)
2.      Lasco Financial Limited
3.      VMBS (Victoria Mutual Building Society)
4.      JMMB (Jamaica Money Market Brokers)

Expect more banks, financial institutions and investment firms to join AIS and Quisk Mobile Money 2.0 Platform in the coming months.

NCB Mobile Money - Cash replacement and ATM withdrawals

AIS and Quisk had demonstrated their technology at their Inaugural NCB Tech Symposium on Wednesday April 20th 2016 as detailed in my blog article entitled “How Quisk Mobile Wallet impressed at inaugural NCB Digital Tech Symposium”.

Their Mobile Money service will enable NCB to provide the following services by simply sending text messages to set up a bank account as described in my blog article entitled “Why NCB's Online Account Opening as CIBC First Caribbean, First Global, Sagicor and Scotiabank Mobile Money Looms”.

Other banks will no doubt follow suit, especially as NCB has also enabled Cross-bank transfers as described in my blog article entitled “Why NCB's Cross-Bank Transfers follows CIBC First Caribbean, First Global, Sagicor and Scotiabank as Mobile Money Looms” making it possible to transfers money from your NCB account to other banks and financial institutions.

I suspect most of the Cross-bank transactions will involve the banks and financial instructions that have partnered with AIS and Quisk to enable the following cellphone based transactions:

1.      Mobile Top up
2.      Bill Payment
3.      In-Store Retail
4.      International Remittance
5.      e-commerce
6.      P2P and Mass B2P transfers
7.      Micro Finance
8.      Mobile Ticketing
9.      Cash in and Out

Because Mobile Money 2.0 is based on SMS (Short Messaging Service) or text messages, it's both secure and difficult to hack, as in the case of a smartphone App. Best of all, it has the potential to replace the need to have cash altogether, once MSME (Micro Small and Medium Enterprises) jump on the bandwagon to use their cellphones to do transactions with customers.

NCB Mobile Money Launch – MSME’s and Street Vendors bellwether for Cashless Society by 2020

NCB plans to launch this service later in the Fourth Quarter of 2016, in time for Christmas 2016.

If it's branded, launched and marketed in a non-threatening way to the average consumer, it will increase the number of Jamaicans that sign up for a NCB bank account. Mobile Money from NCB also has the potential to revolutionize how Jamaicans receive remittances and even how street vendors do transactions, as cashless via text messaging may be easier and safer.

It even has the potential to jumpstart website e-commerce in Jamaica, enabling entrepreneurs to start website to sell items locally and get paid via Mobile Money transactions.

NCB will no doubt enable their NCR powered ATM (Automated Teller Machines) to interface with cellphones to allow cash withdrawals in lieu of Debit Cards by MSME’s and streetside vendors. This may be the game changer, as if MSME’s and Street vendors, the bellwether for commerce in Jamaica, were to adopt Mobile Money for their day-to-day transactions IF this feature was enable at launch, it would catch on like wildfire!

Jamaicans may not yet be ready to replace cash transactions with Mobile Money. However, many Jamaicans wouldn't mind being able to use a text message to receive cash from an ATM instead of using a Debit Card as described in my Geezam blog article entitled “How US Banks upgrading to Cashless ATM as Jamaica dances with Mobile Money”.

Folks, bear witness to the coming of the Cashless Society, powered by AIS and Quisk by 2020!

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