BankWorld is characterised by its unique, integrated omnichannel approach. BankWorld P2P mobile payments are an excellent example of an omnichannel transaction initiated via the mobile channel and completed on the ATM.
What is P2P?
P2P (person-to-person) payments allow customers to transfer funds quickly and easily to another person using just their mobile phone.
How does P2P work?
The recipient is sent an SMS code which they can use at a branch or at an ATM to withdraw the funds. Customers can send cash to fellow bank customers as well as non-customers and even the unbanked. The receiver is able to send funds to any other person or to make a payment.
P2P payments facilitate revenue generation through transaction fees and are also helpful at auto-acquiring new customers.
P2P Mobile Payment transactions include:
- Send money to a family member in a remote area
- Reimburse an indvidual
- Pay a taxi fare or a restaurant bill
- Make a rental payment to a landlord
- Shop at a merchant store
- Pay utility bills or school fees
- Convenient and simple way to send and receive money
- Auto-acquisition of new customers
- Revenue generation via fees
- Low cost alternative to wire transfer and remittances
- Instant transfer and immediate fund withdrawal
- Payments are secure bring both password and mobile phone number specific
- P2P accounts are separate from current accounts as a fraud prevention method
- The solution is compatible on any mobile device brand and via any telecom operator
P2P key features
- A facility to instantly send money from one mobile phone to another mobile phone.
- An account linked to the mobile phone is automatically opened in BankWorld for a first time recipient of a money transfer.
- P2P account holders can access the money in their BankWorld managed P2P accounts using cardless services at the ATM.
- A full range of banking services can be offered on the P2P accounts when users complete the bank’s KYC procedures.
- P2P money transfers can be offered on all banking channels including ATM, Internet and Mobile channels.
- P2P services are supported on all mobile phone handsets across all networks.
- Optional modules are available that Allow customers from other banks and users with cash to send money to mobile phone users.
- Allow a bank to offer P2P services via a network of agents.
- Allow businesses to receive payments for goods and services using an easy-to-remember nickname.