P2P Mobile Payments

How does it work?

• The sender can transfer funds quickly and easily by sending a command to his bank mentioning the recipient's mobile number
• BankWorld sends an SMS code to the recipient
• The recipient can use his codes to access the ATM and can withdraw the funds or avail to other services

Customers can send cash to fellow bank customers as well as non-customers and even the un-banked. The receiver is also able to send funds to any other person or make a payment. These P2P payments facilitate revenue generation through transaction fees and are also helpful at auto-acquiring new customers.

With BankWorld P2P you can:

• Send money to a family member in a remote area
• Reimburse a friend
• Pay a taxi fare or a restaurant bill
• Make a rent payment to a landlord
• Shop at a merchant store
• Pay utility bills or school fees

BankWorld P2P provides the following benefits:

• Convenient and simple way to send and receive money
• Opportunity for banks to more easily auto-acquire new customers
• Revenue generation through fees
• Low cost alternative to wire transfer and remittances
• Instant transfer and immediate fund withdrawal
• High level of security: Payments are password and mobile phone number specific
• P2P accounts are separate from the current accounts as a fraud prevention method
• The solution works on any mobile device brand and via any telecom operator