How it works
A secure, digital cash account, utilizing your mobile phone number
The MOBIbucks solution provides a secured, digital cash account utilizing the consumer’s mobile phone number as the account number. The MOBIbucks platform—built from the ground up for financial institutions and merchants—uniquely enables the development of integrated payment and loyalty programs.
The MOBIbucks system provides the consumer with the ability to:
- Make purchases using a mobile phone number + a PIN at participating merchants.
- Create a MOBIbucks account simply with a mobile phone and SMS capability.
- Add money to their account at a POS (by handing the money to clerk).
- Take cash out of their account at a POS (get money from clerk).
- Send money to another person (SMS Phone # and amount).
- Remit money to someone in another country (future).
- Issue simple commands on mobile phone to determine balance, lock account, etc.
- Earn loyalty points automatically while purchasing items using MOBIbucks payment in participating merchants or FI.
Built from the ground up for Financial Institutions and others
The MOBIbucks platform has been built from the ground up to provide risk management, such as by providing various limits like balance limits, transaction amount limits, daily/multi-days accumulative transaction limits for both user and merchants.
The MOBIbucks account can act as a financial institution cash account with the direct link to regular accounts like saving or checking.
In addition, the MOBIbucks account can act as a prepaid account. MOBIbucks will authenticate the mobile phone user by various authentication codes via SMS and the user will select permanent PIN and enter secured PIN upon request securely (at POS, web account or IVR).
Participate in the new, mobile economy
The MOBIbucks solution provides financial institutions
and others with many capabilities:
- Financial Institutions (FI) and Merchant can issue reward for account sign-up.
- FI can issue money to users (or government or 3rd parties, like pension, financial aids, wireless carriers rebate).
- FI and Merchant administer the system through the web-based management console to control, monitor and create regular reports on account management, customer services, settlement, business metrics and risk management reports.
- Merchants can access and create settlement and transaction reports.
- FI has full range of administrative tools for controlling risk management.
- FI and Merchant administrator can refund the purchase using the Point-Of-Sale.
- FI administrator has full control of customer’s status, profile and various risk analysis.
- FI administrator can download audit logs of user activities and Admin activities.
- FI can bulk register customers and MOBIbucks system will perform necessary mobile phone and PIN authentication. FI administrator and authorized Merchants can perform KYC.
- FI can bulk onboard merchants with categories code and assign different risk profiles.
- FI administrator can access Detail Transaction Reports, Settlement Reports, MOBIbucks account position reports and other business metric reports.
- Merchants and FIs can design their own loyalty program redemption rules or conversion rules.