Telepin Software, a leading provider of mobile money transaction platforms, recently announced a business agreement with the Caribbean’s largest mobile telecommunications operator, Digicel (News - Alert) Group.
Digicel recently rolled out a new mobile money service called cellmoni in Papua New Guineas’ (PNG) Samoa, Tonga, Fiji, and Vanuatu areas. The solution offers a range of financial services including the ability to transfer money to friends and family anywhere in the country. Under the terms of the agreement, Telepin is going to power this new financial service solution through its Cayman Transaction platform.
In a press release, Digicel explained that Cellmoni financial service has been designed to transform Digicel mobile phones into electronic wallets allowing customers to deposit or withdraw cash using their mobiles at a nationwide network of agents, receive salary payments, pay bills and transfer money to any Digicel mobile in the country.
“We believe cellmoni will have an even bigger impact here in PNG where security risks establish a clear need for a more secure financial solution for the more than 4.5 million Papua New Guineans with Digicel mobile coverage living mostly in rural areas,” Annie Smith, regional head of Mobile Financial Services at Digicel Pacific, claimed in a statement.
In addition to Digicel, two other mobile financial service providers are using Telepin’s Cayman Transaction platform in PNG. These include Post PNG's MobileSMK and Nationwide Microbank’s MiCash.
In PNG, mobile financial services are regulated by the Central Bank of PNG and have been developed in partnership with Pacific Financial Inclusion Programme (PFIP).
Telepin MFS products have been designed to enable mobile operators the ability to deliver robust financial services offering to their subscriber and merchant customers. Telepin's software uniquely leverages the existing charging system and plugs seamlessly into existing mobile infrastructure eliminating the need for further investment.
“Papua New Guinea presents interesting challenges and opportunities for a mobile money system. There appears to be a great demand for a system that enhances cash safety, which would include mobile phone transfers and a means to transact, store, and accumulate value for later use. Digicel, Post PNG and Nationwide Microbank are responding to these challenges by delivering best-in-class mobile money solutions that extend value to PNG mobile subscribers, merchant networks, and ecosystem partners,” CEO of Telepin Software Vincent Kadar (News - Alert) noted in a statement.
A year ago, Telepin Software announced that it had been selected by Digicel, who planned to use Telepin’s Cayman Transaction platform for a full mobile financial services offering that includes central bank cooperation, enabling mobile banking capabilities and cross-border money transfers. This enabled all Digicel customers to get access to P2P airtime transfer and P2P money transfer, with cash-in/cash out capabilities, powered by Telepin's Cayman Transaction Platform.
Madhubanti Rudra is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.Edited by Jennifer Russell
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