Wallet fits into the category of Mobile Money. Mobile Money is by definition an electronic wallet that lets users send, receive and store money using their mobile phone. There are two main components to the technology – software and information. The software component provides the security and encryption services for the transaction. The information component stores the customer’s personal data, like their shipping address, billing address and preferred method of payment. Wallet has developed a secure and scalable mobile platform that works with most mobile devices and carriers. Developed using cutting-edge, proprietary technology, Wallet allows secure transmission of funds over a worldwide network.

Similar to the evolution of credit cards, ATM cards, debit cards and other cash replacements, Mobile Money may seem futuristic to some. However its use is rapidly gaining in popularity, especially for online transactions, people that don’t have bank accounts, for example in developing African countries, and across Asia in general. In fact, 1 in 5 Asians has an e-wallet and over 76% of Indians use their smartphones to make purchases. The most important issue right now for cash replacement services is security – people’s accounts are being compromised daily and with increasing frequency. Consumers are rebelling when losses are passed on to them, cell phones are increasing in capacity, all of which creates a perfect storm to introduce Wallet to the world.

The Wallet platform provides end-to-end security in a closed loop environment. All transactions between the mobile device and the backend server(s) are secured via 256-bit encryption SSL/TLS connection. To prevent sensitive data from being compromised, no data is stored on the mobile device. Once a user sets up their account they can securely use their funds and mobile device, just like a debit card.

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