Estel Mobile Financial Services Platform/Solution
The world of digital payments is evolving constantly with an increasing number of options available to customers. Mobile has evolved as the ‘device of choice’ to cater to the customer’s demand for easy access to their money through electronic wallets. In both developing markets and the mature ones, this transformation now offers a unique opportunity to businesses – telecom companies, banks, Fintechs or retailers – to re-imagine their digital strategies in tune with an experience-centred world.
Estel’s Mobile Financial Services Solution provides banks, fintechs, MNOs and Money Transfer agencies a secure, robust and scalable platform to provide a variety of innovative services that includes:
Mobile money / mobile wallets / e-Wallets
Mobile remittances / money transfer solution
Merchant Payment Solutions
Agency banking
Mobile payments
Card based mobile financial services (m-POS, Micro “Human” ATM)
These innovative applications enable service providers to meet the needs of millions of customers in countries where banking services are not easily available or accessible.
Advantage of Estel's Mobile Financial Services
Increased Market Penetration
Enhanced Customer Loyalty
Increased Operational Efficiency
Faster Expansion into New Markets
Quick and Easy Deployment
Increased Revenues and Growth
Secure & Feature Rich
Estel Mobile Financial Services Platform components
Estel’s Mobile Wallet
Estel’s Mobile Wallet / Mobile Money / e-wallet is a secure solution that enables banks, MNOs, Money Transfer and Payment Service Providers to tap millions of unbanked customers by allowing them to open virtual bank accounts (m-wallets) directly, or at authorized retail outlets (Banking Agents), move money between these accounts, and make payments for goods & services to merchants from their account.
Flexibility Mobile Wallet Solution:Customer’s mobile wallet account can be a simple cash-based account, or can be linked to customers bank accounts, credit/debit cards, other wallet accounts and other payment methods to enable a universal mobile payments environment.Multiple use cases can be applied for different types of users, such as consumers, merchants, agents, businesses & government. The Estel Mobile Wallet (Mobile Money / e-wallet) solution also includes some innovative modules such as:
Mobile payments
Salary / Aid Disbursement
Dealer to Corporate payments
Mobile money transfer / Remittance
Merchant Payments
Dynamic QR codes
NFC/RFID based payments
Estel's Mobile Remittance Platform
Estel’s Mobile Remittance (online money transfer) solution is a secure, feature rich, low cost and flexible remittance service that will enable your organisation to tap into a growing market. With Estel’s Remittance (online money transfer) solution your customers can send money securely and instantly at any time, either domestically or internationally, wherever they may be by using their wallet or account via their mobile phone. Estel Mobile Remittance Platform enables remittances in various ways:
Between mobile wallets
To unregistered recipients, who collect the remittance in cash from an authorized agent or ATM
Estel MPOS Solution
Estel's m-POS Solution is a high availability, robust and flexible solution that can be integrated either with an acquiring bank’s switch or Payment Service Provider’s switch. The distributed architecture is scalable both vertically and horizontally – from catering to thousand customers to millions at a nominal cost. Business benefits of m-POS
Penetrate new merchant segments
Lower card acceptance costs
Improved cash flow
Anytime, anywhere card acceptance
Access to real time transaction reports
Increase card payments transaction volume
Wide availability of merchants accepting cards
Cashless environment
Paperless environment (e-Receipts)
Accepts both magnetic stripe & EMV (chip & PIN) cards
Estel Multipay
With governments globally pushing cash-less transactions & with the Fintech revolution sweeping all markets, customers now have a plethora of options to make merchant payments, such as:
Credit cards
Debit cards
Plastic & Virtual cards
Closed loop / gift cards
Direct bank debit via Mobile Banking
Mobile wallets / Mobile money
QR code
Contactless payment and online modes
This has led to chaos for merchants, as they are often expected to keep multiple devices to accept transactions from all these methods. Not accepting all methods of payments can lead to opportunity loss for merchants, which is not acceptable in these hyper competitive times.
Estel Merchant Payment Aggregator solution simplifies the payment process for merchants, enabling them to accept digital cash-less payments from all sources via a single android App or device!
Benefits
Estel has Designed the Mobile Financial Services Platforms to offer numerous benefits that extend to customers, businesses, financial institutions, and economies as a whole. Our vision of fostering financial inclusion, improving quality of lives and driving economic growth using our innovative tech platform helps our customers to offer and efficiently operate them to customised services. A few key benefits which Estel offers are
Financial Inclusion
A highly scalable and secure platform that enables access to financial services for unbanked and underbanked populations, especially in developing countries where traditional banking infrastructure is limited or inaccessible.
Enhanced Customer Experience
A Platform that Offers convenience, speed, and ease of use, allowing customers to access their money and perform financial transactions anytime, anywhere. This results in an improved customer experience, which drives customer satisfaction, loyalty, and long-term engagement.
Technology and Features
Made for the Digital world with features that enhance its capabilities and make it a comprehensive solution for Telcos & financial institutions. Some of these technological features include:
Cloud-Based Architecture
Estel's platform uses a cloud-based architecture, which allows for rapid deployment, easy scalability, and efficient resource management. This enables businesses to quickly adapt to changing market conditions and customer needs. However if required the Estel MFS platform can be deployed on a local on-premise Data center as well.
Microservices
While a SOA architecture is supported , the latest version of the Estel MFS platform can be deployed on a microservices architecture, which allows for the modular development and deployment of individual services. This ensures flexibility, maintainability, and easier integration with other systems and services.
AI and Advanced Data Analytics
Estel is investing in AI and advanced data analytics integration to enhance its platform's capabilities. This enables personalized customer experiences, better decision-making, and more effective targeting of services based on customer behaviour and preferences.
Secure & Feature-Rich Solution
Prioritizes security and offers a robust set of features, ensuring the protection of user data and transactions. This helps maintain customer trust and confidence in the platform.
Integration Capabilities
Designed to integrate with various systems, such as Core Banking Solutions, national financial switch, card systems, international remittance platforms and other payment methods, providing seamless connectivity and interoperability.
Multiple Access Channels
Supports various access channels, such as mobile apps, web interfaces, SMS, and USSD (to support feature phones), ensuring broad accessibility and a user-friendly experience for customers.
Flexible Mobile Wallet Solutions
offers flexibility in mobile wallet account types, allowing users to have simple cash-based accounts or link their wallets to bank accounts, credit/debit cards, and other payment methods, enabling a universal mobile payments environment.
Innovative Modules
Innovative modules such as mobile payments, salary/aid disbursement, dealer to corporate payments, mobile money transfer/remittance, dynamic QR codes, and NFC/RFID-based payments.
World view
Mobile Financial Services Platforms (MFSPs) are revolutionizing how we manage money. Imagine carrying your bank in your pocket, accessible 24/7. MFSPs offer this convenience, letting you ditch bank queues and manage finances on the go. They're not just handy, they're bringing financial inclusion to unbanked populations
The increasing adoption of Mobile Financial Services Platforms globally highlights the growing recognition of their potential to drive financial inclusion and economic growth. These platforms are especially relevant in developing countries, where they have the potential to transform the lives of millions of unbanked and underbanked individuals by providing access to formal financial services.
Moreover, the rapid advancements in mobile technology, internet connectivity, and digital payments infrastructure have further fueled the growth of Mobile Financial Services Platforms worldwide. Governments, regulatory bodies, and international organizations are also supporting this growth by implementing policies and initiatives that promote digital financial services and financial inclusion.
Mobile Financial Services Platforms are playing a significant role in shaping the future of finance, fostering financial inclusion, and driving economic growth on a global scale. As technology continues to evolve and the world becomes increasingly connected, these platforms are expected to play an even more prominent role in delivering innovative and accessible financial services to people around the world.
As mobile phone emerges as the preferred choice for seamless financial transactions, we empower Telecom Operators, Fintechs, Payment Providers & Banks to stay ahead of the curve. From mobile wallets to innovative money transfer and comprehensive merchant payment solutions, our platform caters to diverse needs, especially in regions underserved by traditional banking.
Experience unparalleled market penetration, heightened customer loyalty, and robust growth, all while ensuring top-notch security and efficiency. Partner with Estel and embrace a future where financial services are accessible, secure, and centered around seamless customer experience.
What is a Mobile Financial Services Platform
A Mobile Financial Services Platform lets you access various financial products and services using a mobile phone. It is a comprehensive digital solution that enables financial institutions, Banks, telecom companies, fintech’s, payment service providers and other businesses to offer & efficiently operate a wide array of financial services. The platform aims to increase financial inclusion, especially for unbanked and underbanked populations, by leveraging the ubiquity of mobile phones and the convenience of digital transactions.
Key components of a Mobile Financial Services Platform may include:
- Mobile Wallets / e-Wallets
- Mobile Payments
- MPOS solutions
- QR code led payments
- Remittances / Money Transfer
- Agency Banking
- Merchant payment solutions
- and a host of other services that can be enabled on Estel platform by building a rich ever-growing eco-system.
Estel MFS platform can be deployed on a SOA architecture as well as on the cloud, is built on microservices, ensuring scalability, flexibility, and rapid deployment. Integration with AI and advanced data analytics further enhances the platform's capabilities, providing personalized customer experiences and meeting the challenges of the modern digital world.
