What is Mobile Remittance?
Estel Mobile Remittance - In Detail
Mobile Remittance means sending or receiving money using a mobile phone. It includes domestic as well as international money transfers.
About one in nine people globally are supported by funds sent home by migrant workers. Remittances to low & middle income countries reached record $529 billion in 2018 (World Bank), 9.6% more than 2017; estimated at $550 billion in 2019, becoming their largest source of external financing. Some countries report almost “35% of their GDP” being provided for by remittances
Estel Mobile Remittances Platform
Estel Mobile Remittance Platform is a secure, feature rich, and highly customizable remittance solution that can be used by service providers to provide remittance services to a burgeoning market and help immigrants send money to their family back in their homeland.
Their customers may send money safely and instantly at any time, from anywhere, using their wallet or account via their mobile phone.
Estel Mobile Remittance Platform enables remittances in various ways:
- Between mobile wallets.
- From wallets to unregistered recipients, who collect the remittance in cash from an authorized agent or take cash from an ATM.
- Cash to cash: senders send money via authorized agents, with the recipients collecting cash from their local authorized agent or from an ATM.
- Integration with international platforms like Western Union, World Remit, etc thereby supporting agent-assisted cross-border remittance. These Remittance Agents make instant commissions, and their operation is fully managed by a feature-rich Agent Management Module.
Salient Features of Estel Mobile Remittance Platform
- Estel’s mobile remittance software is a separate module of Estel’s highly scalable MFS platform which is proven to support thousands of transactions per seconds
- Complements Estel’s Mobile Wallet solution, or can be deployed stand alone for Remittance & Money Transfer Operators
- Transactions are performed over banking grade secure channels
- Supports money transfer to both on-net and off-net customers.
- Technology agnostic payment modes allowing subscribers to choose from modern smart devices to basic USSD and SMS based channels.
- Cloud ready platform with successful deployments in both private as well as public cloud environments.
- Database agnostic: The platform supports multiple licensed as well as popular open source databases.
- White label mobile wallet solution: Estel also provides white label e-Wallet solution fully customized to customer’s functional and branding requirements. Customers are also provided with adequate training to further customize the supplied White Label Wallet Solution to their specific needs on their own.
- Highly Integrated ecosystem: The platform has integrated with 100+ standard as well as non-standard nodes on mobile operator, banks and PSP side.
- Seamless integration with International Money Transfer Operators (IMTOs) such as Western Union, World Remit etc.
- Tightly coupled with Estel’s RemmittanceHub Service Platform which connects Remittances Sending & Receiving organizations to each other globally, to enable customers to receive International remittances directly and securely into their Mobile Wallets or Bank Accounts.
Use Case Scenarios
Problem: Mr. Mana from Nepal found employment in the Gulf. He needs to send money quite often to his family in Nepal. He used to visit an international money transfer operator’s (IMTO) branch in the city which was quite far from his work site. At the IMTO branch he often had to wait for a long time for his turn, and produce burdensome paperwork each time. He would need an entire day off every time he wanted to send even a small amount. The worst, if his family needed urgent money for any emergency on a holiday/weekends or during non-working hours for IMTO branch, he felt helpless.
Challenge: Due to the nature of his work, Mr. Mana could not manage/afford the days off needed to make such remittances. He wished there was a solution that allowed him to remit money on holidays or after work. Fortunately, he found a Digital Money Transfer solution powered by Estel’s Mobile Remittance Software that allows subscribers to remit money 24 hours a day both domestically and internationally, with transactions being effected in real time.
Benefit/Outcome: Now Mr. Mana can remit money from Gulf to his family in Nepal anytime of the day using the Mobile Wallet Application in his phone powered by Estel Mobile Remittance Solution. With the necessary documents preloaded into his mobile wallet account during registration, he does not need to produce them for each transaction
Mr. Mana is a happy man now knowing that he has got his family covered anytime any day.