Airtel and Comviva have emerged as the joint winners at The RemTECH Awards 2018 in the “Remittance Synergies” category for Airtel Money Domestic Mobile Money Interoperability service. The award was presented on the 8th of May during the Global Forum on Remittances, Investment and Development (GFRID) event in Kuala Lumpur, Malaysia.
Airtel partnered with Tigo in 2014 to launch Africa’s first interoperable mobile money service. In 2016, the interoperability agreement was extended to Vodacom. The resulting partnership allows mobile money users in Tanzania to directly transfer money between Airtel Money, Tigo Pesa, and Vodacom M-Pesa wallets making cross network mobile money transactions easier for customers and providing cost savings to mobile money providers.
On the customer front, interoperable transactions are simpler, cost effective and convenient than conventional off-net transactions, where the recipient receives a voucher code for cash-out. In off-net transaction the customer has to rush to the agent to cash-out within a limited time period, otherwise the money is reverted to the sender. In interoperable transaction funds remain digital. Customer receives money in his mobile money wallet and can store money in the wallet as long as they want, cashing-out, when needed, at their agents or using money in digital form to pay billers and merchants or transferring money to others.
In an interoperable system, it becomes easier to receive or pay money, incentivizing potential users who find value in using the system. Interoperability helps mobile money providers to extend its reach which enhances the value delivered to customers. With the money available for digital use, no cash out is required, hence the sending operator saves in paying out commissions. Similarly, the receiving operator saves on cash-in commissions since the incoming remittance is in digital format.
Speaking on the win, Srinivas Nidugondi, SVP and Head Mobile Financial Solutions at Comviva said, “Interoperability between mobile money service providers is paving the way for the overall health and sustenance of the mobile money ecosystem. The win validates our role in mobile money services by making it viable for operators and their customers through interoperability. We hope to continue the good work and ensuring the continuing growth and prosperity of the mobile money ecosystem.”
The RemTECH Awards are developed by IMTC Conferences in partnership with Mohr World Consulting to showcase the most innovative and outstanding technological solutions designed to improve remittance services worldwide. The RemTECH Awards celebrates the businesses, organizations, collectives and individuals transforming remittances.
mobiquity Money delivers a host of mobile money services that transforms the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants and third-party payment systems, creating a convergence powered by interoperability. Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market. mobiquity Money empowers financial service providers to be agile in their markets, with complete focus on the customers. mobiquity Money has clocked over 60 deployments in more than 45 countries. It powers three of the top 10 deployments globally and processes more than 4 billion transactions every year amounting to over $80 billion annually.