My Thoughts on Technology and Jamaica: How Quisk and AIS Mobile Money 2.0 heralds Cashless Society in Jamaica in July 2016

Thursday, May 5, 2016

How Quisk and AIS Mobile Money 2.0 heralds Cashless Society in Jamaica in July 2016

Mobile Money is finally coming to a cellphone near you.

That's the message from Chairman and CEO of AIS (Advanced Integrated Systems) Doug Halsall who announced plans to launch their Mobile Money platform in the next three (3) months as reported in the article “Advanced Integrated Systems Mobile Money Platform Ready”, published Friday April 29, 2016 by Tameka Gordon, The Jamaica Gleaner.

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Their service, called Mobile Money 2.0, is powered by Silicon Valley startup Quisk. The company demonstrated their tech at the NCB Digital Tech Symposium at the Terra Nova Hotel on Wednesday April 20th 2016 as reported in my Geezam blog article entitled “How Quisk Mobile Wallet impressed at inaugural NCB Digital Tech Symposium”. 

AIS and Quisk already have a head start on Digicel and Paymaster, who are supposed to launch a Mobile money platform later in 2016 as noted in my blog article entitled “Why Digicel's purchase of Paymaster means Mobile Money is launching in 2016”. 

So how does Mobile Money 2.0 work?

Quisk and AIS Mobile Money 2.0 - Your mobile phone number is a Debit Card

Quisk and AIS Mobile Money 2.0 partnership will allow you to use your phone number as their transaction number.

Albeit awaiting BOJ (Bank of Jamaica) approval, they've already forged partnerships with the following banks and financial instructions:

1.      NCB (National Commercial Bank)
2.      Lasco Financial Limited
3.      VMBS (Victoria Mutual Building Society)

This service works on any feature phone without the need to install an App, making it more universal than CONEC Mobile, the only other approved Mobile Money service in Jamaica as described in my blog article entitled “JCUES now CONEC Mobile Wallet - Why CONEC Mobile Wallet still inconvenient despite Paymaster and Remittances in the JCCUL-Mozido Jamaica mix”.  

Setting up a bank account with NCB is as simple a sending a text message that initiates NCB's Online Account Opening 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”. 
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This allows anyone to create an NCB account, with the option to send in the required documents via fax to complete setting up the bank account. Once their bank account is set up and paired to their mobile number, the customer will potentially be able to do the following 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

So what can Mobile Money 2.0 do that CONEC Mobile can't?

AIS and Quisk Mobile Money 2.0 - No App no phone as Mobile Money 2.0 ushers in Cashless Society

For one, there is no need to have a smartphone or even the phone for that matter; all transactions are tied to the mobile number as the Video from Quisk YouTube Channel explains.

Once they have approval from the BOJ, they'll be able to offer customers the ability to receive their remittance money from abroad without having to join long lines. Potential clients may even be able to withdraw cash from any ATM using their cellphone in lieu of an ATM Debit Card. Mobile Money 2.0 can also be used for the following applications:

1.      Virtual ticketing meters
2.      Mobile betting
3.      E-commerce

Put simply, you could potentially pay for your JUTC Bus ticket or top up your JUTC Prepaid SmarterCard as detailed in my blog article entitled “How JUTC will earn JA$30 million per day from JUTC Prepaid SmarterCard Launch”.

In fact, it might even replace the need to have the JUTC Prepaid SmarterCard; you could just pay for your bus fare on JUTC or any bus using Mobile Money 2.0., which could then be used to pay the toll fee on Highway 2000. 

AIS and Quisk vs the competition – Digicel, Supreme Ventures and GraceKennedy have Mobile Money ambitions

This is very interesting as Digicel and Paymaster may be launching their Mobile Money service around the same time that the JUTC plans to roll out free Wi-Fi on their buses in September 2016 as reported in my blog article entitled “Why JUTC Wi-Fi by September 2016 means Digicel Mobile Money launch imminent”. 

Mobile betting is also another potential business, which Supreme Ventures is already gearing up to do with their IFLEX Betting Platform Upgrade in October 2015 as noted in my blog article entitled “Supreme Ventures Limited IFLEX Betting Platform Upgrade - How Mobile Gambling via Smartphone is finally coming to Jamaica”.

Tapping into the US$2 billion in remittances that may be showing signs of slowing dowe due to the Oil Crisis in the Gulf States as predicted in my blog article entitled “World Bank's Global Remittance Slowdown - Why Jamaica's Remittance will slow in 2016 as Saudi Arabia Runs out of US Dollars” is key to the growth of Mobile Money 2.0 in Jamaica.

GraceKennedy has plans to also enter the Mobile Money space by December 2016 as reported in the article “GraceKennedy promises to roll out mobile wallet in 2016”, published Wednesday, May 04, 2016, The Jamaica Observer.

However, it's the use of Mobile Money 2.0 for e-commerce is what has me excited personally, as it would make it possible for Jamaicans with bank accounts to set up e-commerce websites and have customers purchase items without the need for a Scotia or CIBC. The use of Mobile Money 2.0 in the daily lives of Jamaicans may allow NCB and other banks to increase the number of Jamaicans who have a bank account.

AIS and Quisk Mobile Money 2.0 may jumpstart the push towards a Cashless Society in Jamaica.

Here’s the link:

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