m-Wallet

m-Wallets (Mobile Wallets) are much like Prepaid Cards. They need to be loaded with money prior to use. However, funds held by the m-Wallet are securely accessed directly from the mobile phone. Although m-Wallets are still relatively new and hence not yet widely spread, MFSL believes this will change in the near term with subscriber education and competitive pricing. m-Wallet usage is growing very quickly and it is only a matter of time before they become a standard payment instrument. Once m-Wallets are widespread they will enjoy better success than Prepaid Cards as they are more convenient solutions for both sender and receivers of funds.

Just like the prepaid card, an m-wallet can be topped-up via cash payment at a high street bank or loading partner. An employer can also pay his workers directly onto their m-wallets through bank transfer. As soon as funds are loaded the subscriber can pay for goods and services or transfer funds from their Mobile Wallet through a simple SMS or via Near Field Communications (NFC).