To the banked population, mobile banking is an innovative delivery channel for familiar banking services, allowing customers to check their account balance, transfer funds, receive notifications or pay bills anywhere and anytime from the convenience of the mobile handset. Once established this channel can drive new value added services such as location-based services and targeted loyalty benefits.

To the un-banked or under-banked – 85% of the world’s population – mobile banking means access to secure and trust-worthy financial services for the first time in their lives. Using a mobile phone anyone can deposit, store, save and withdraw funds at a reasonable cost and with a reliable outcome.

Trivnet’s mobile banking solution provisions services such as balance inquiries, mini-statements, inter-account transfers, bill payment and the receipt of alerts and notifications. The mobile phone can be used as a substitute for a bank account to save money, earn interest, and obtain and repay loans.

Bill Payment

To date, one of the most popular mobile banking services has been bill payment. Bill payments from a mobile phone can be made anytime and anywhere, avoiding the queues and extra fees associated with traditional methods. Even where the option to pay bills online also exists, the mobile phone proves to be the easier option. Subscribers create their own list of “favorite” bill issuers on their handset – such as gas, electricity, and water utilities – and can pay the bills directly from the phone. Subscribers can receive prompts when a new bill arrives and reminders as the due date approaches.

The subscriber’s payment instrument details are stored on the Trivnet server, leaving the customer only to select the bill to settle and authorize the transaction. Upon successful completion, the customer receives a payment confirmation with a reference number for subsequent issue tracking and resolution.

Micro-Financing

Economic development in many developing countries depends very much on the ability of micro-entrepreneurs to access financing. However, micro-financing is generally constrained by the high costs of processing such small amounts and delivering them to remote rural areas, let alone the lack of information about the borrowers themselves. Repaying the loans poses an even larger challenge, due to the high costs of travelling to a post where the periodic installment can be paid.

With Trivnet, entrepreneurs in developing countries now have access to financing. The funds remitted as part of a micro-financing program can be further distributed or cashed out at any Trivnet-enabled cash-out post. Monthly payments can be made directly from the mobile handset or to a mobile agent nearby.