Mobile phone technology is making it possible to reduce the cost of providing reliable, affordable financial services to the unbanked, however 80% of the people living below the poverty line do not own a phone or a SIM card required to use these services. MXPay enables mobile operators to deploy existing mobile payment systems to those people living on less than $2 a day without the need for the user to own a phone or SIM card, thus drastically reducing the cost of entry for these services.

MXPay is a platform which is installed in a mobile operator's switching centre which enables the operator to create access to basic mobile banking services for those who do not own a SIM card or mobile handset and who share phones and who do not have a bank account, typically because they do not have access to a bank or because they do not have sufficient income to justify a bank account.

 

 

The system can also be used to enable the distribution of welfare funds to specific people at a much lower cost than has been achieved before.  Accounts can be set up for one-time payments enabling welfare organisation to send specific amounts of money to people living below the poverty line.  MXPay can also be used by utility operators to set up personal accounts for payment of utility bills and to participate in loyalty point schemes. 

Phone Owners who share phones to enable the mobile payments are financially compensated for sharing their phone.  They receive an airtime top-up credit, which is calculated by the system as a percentage of the transaction, as a thank you from the network operator to incentivise phone sharing. 

Movirtu is delivering technology solutions to mobile operators that breaks the traditional boundaries about how we implement technology to service the rural poor and enables operators to deliver services at a much lower cost point than has ever been achieved before. We are changing the mind-set of the poor who may think that they cannot afford basic financial services, and introducing a system which is considerably more economical and easier to use than traditional models. All poor people need financial services to increase household income, save and become less vulnerable to crisis. There is a tremendous potential with Movirtu’s ground-breaking technology to remove the barriers to entry for these people.