VeriPark's Mobile Wallet module is a financial inclusion and digital payment solution for a segment of customers with low income. As banks try to reach to this segment, either by regulations or in expectation of having an early relationship with future bank customers, our Mobile Wallet solution allows a bank to offer a Mobile Wallet on various mobile devices in a very short time. Features include;
- Deposit balance without the need of a banking account,
- Top-up from bank's ATM network or wire transfers,
- Mobile payments with NFC on Android phones and QR,
- P2P money transfers in between wallet users,
- Discounts, cashbacks and location-based campaigns,
- Installment based easy payment plans to convert any spending
to a micro loan.
Payment used to be tied to a location. Not anymore. HCE (Host Card Emulation) enables to do faster and easier transactions securely.
Enables to choose a payment plan.
Enables customers to log and allocate their finances.
Gives the opportunity to get customer insights. Improves loyalty as well as result in higher conversion rates.
Allows adapting to the customers' preferred channels where they want to interact.
Credit Card Spending Details
Helps to stay within the budget.
Allows to log into Mobile Wallet statement which can be viewed on the go, anytime, anywhere.
Payment options with QR code or NFC (Near Field Communication)
Offers a more convenient way to facilitate mobile payments where customers can walk in and make the payment via digital wallet without having to use a POS machine or cash register.
For Financial Institutions
VeriPark's Mobile Wallet solution is not just a payment tool, the ways financial institutions can use it to deliver value to customers are multiplying;
- Providing access to financial services to the unbanked and underbanked population with a cost to serve ratio at around 5% compared to conventional bank.
- Providing easy payment plans to increase purchasing power of wallet customers.
- Digitalization in banking by providing new digital payment infrastructure for both credit card, debit card and P2P transfers.
- Improving the efficiency of microfinance projects and expand the geographic range of service areas.
- Enabling to register seamlessly, without going to bank branch, then spend wisely with one-stop solution.
- Monitoring expenses, identifying the favorite area on spending and instantly reaching the campaigns in the area of interest where the offers and promotions are viewed and campaign application status is checked.
- Paying for purchases in installment splitting up a full payment into smaller bits and pay off at regular intervals over a set period.
- Enabling customers to manage coupons, loyalty perks, gift cards with integrated loyalty programs and campaigns of Mobile Wallet ecosystem.