A digital wallet or digital money is like an electronic prepaid card that you can use on your phone and other devices. It lets you do mobile banking and use ATMs, along with various electronic communication methods like your mobile phone.
An Electronic Prepaid Card lets you put money in or take it out from ATMs and other ways. With a digital wallet on your phone, you can send money to others easily and safely. No middleman is needed, and anyone with a mobile phone can use this service.
BizClock InfoTech provides Mobile Financial Services (MFS) to help banks offer their customers a comprehensive and efficient banking experience through mobile devices.
The Services
- Electronic Fund Transfer
- Local Remittance (P2P)
- Payment of Utility Bills
- Mobile Phone Recharge
Domestic Remittance EFT Solution
Digital Wallet subscribers can conveniently transfer funds to fellow subscribers through secure and instant electronic communication channels. Furthermore, customers with linked bank accounts can seamlessly send money from their Digital Wallet accounts. Even unbanked individuals can access their Digital Wallet accounts and initiate transactions through a range of electronic channels, making this service accessible to all.
Benefits to the economy
Enhancing Economic Liquidity by Streamlining Financial Transactions: The implementation of this system would streamline remittances and simplify various payment methods, reducing the reliance on physical cash. Moreover, it seeks to extend banking services to those currently excluded from the traditional banking sector. In our country, not everyone has access to formal banking services, but with the advent of modern technologies, a significant portion of the population now possesses mobile phones. The introduction of digital money wallets would empower these individuals to access banking services, engage in money transfers, and conduct payments conveniently via their mobile devices. This mobile banking system accommodates all stakeholders in the economic ecosystem by offering standardized, open interfaces for the core mobile banking platform and supporting a variety of business models.
Our primary goal and mission are to provide banks with a comprehensive mobile payments and remittance solution, empowering them to extend these services to their customers and ultimately, to make financial services accessible to the unbanked population.