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TelcoBuddy Blog

Telecom Digital wallet

Unlock new business opportunities with omni-digital telecom wallet.

Mobile Money is going through the next level of evolution with Telcos focusing on offering comprehensive & interoperable MoMo service to align with the customer’s financial journey.

The extraordinary growth of digital payments, with 300 Million plus monthly active mobile money accounts and 2 bn dollar daily transactions, has created new customer segments who need more than vanilla payments like the merchant who uses a wallet as a primary account or the gig economy worker who wants to buy insurance or get a microloan with the same digital platform.

This calls for a new generation of customer experience with inbuilt security and governance to meet the banking regulations. Plus, telcos need to align their own and ecosystem partner offerings to win and serve these customers digitally with persona-based recommendations to cross-sell and upsell relevant products across channels and interactions.

In a nutshell, telcos need an omni-digital solution that helps them in the complete customer journey from Digital sales & onboarding to Transactions and engagement for cross-sell/upsell across own and third-party channels like WhatsApp, Facebook, Twitter, etc.

  • Get product information & advice, chat with a human agent, compare products
  • Instantly sign up with digital onboarding with face match, liveness detection
  • Access financial services across all networks and channels (Web, Mobile app, WhatsApp, Facebook Messenger, Telegram, Viber, etc.)

  • Transact securely with Multi-factor authentication
    • Make P2P payments - Send money to anyone with just a phone number -
    • Do Cardless withdrawal at ATMs
    • Request to pay - self or designated beneficiaries
    • Merchant Payment for goods and services
    • Pay bills such as school fees, tax, utility bills, Pay TV, etc
    • Withdraw money (Cash-Out) at the agent location or office
    • Deposit money (Cash-In)
    • Buy prepaid airtime, text, data bundles or pay a direct connect account for self and others
    • Make secure online transfers - Wallet to account, wallet to wallet, account to wallet
    • Receive remittance from diaspora
    • Save money - high-interest deposits
    • Get microloans
    • Get Micro-insurances
    • Manage wallet: change PIN, check balance, last five transactions, get statement
    • Merchants can monitor and track payments
  • Get personalized offers - inbound and outbound engagement for own products and ecosystem partners like Restaurants, Entertainment, etc.
  • Earn & Redeem rewards
  • Get Cashbacks
As per GSMA, one in every 20 P2P transactions is now made across provider networks, that’s a huge barrier to adoption as Interoperability restricted by USSD network or such legacy infrastructure can easily be replaced with Digital channels like WhatsApp for operator agnostic seamless transactions.

Read how we have enabled WhatsApp Wallet for P2P payments and more for First Capital bank, Malawi.