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   Virtual Banking and Mobile Banking
Created Date: 11/18/2009 10:15:29 AM
Country: United Arab Emirates
Status: In use
License: Proprietary
Product Type: Software - Mobile
Target Users: Mobile Banking and Virtual Banking is aimed at both banked and unbanked mobile phone customers.
Developer Name: Mi-Pay
Product Url: http://www.mi-pay.com/
System Requirements: In order to use Mi-Pays mobile banking system, users need a Mobile Java Application that works on 90% of mobile phones sold today.
Description: Mi-Pays mobile banking system is designed to deliver mobile banking services to end users. In  the Middle East, Mi-Pays mobile banking system is in particular aimed at the large amount of  migrant workers to whom mobile banking services are popular means to send money back home. For users with a full bank account, Mi-Pay provides a comprehensive Mobile Banking service. Mi-Pay already interfaces directly into a number of core banking systems, and can interface with most systems in order to deliver secure Mobile Banking services to bank account holders.

For users without a full bank account, Mi-Pay provides a simple Virtual  Banking service  that allows customers to manage a stored value account from their mobile phones. The stored value account allows customers to receive funds either domestically or from international sources, make payments to other users, pay utility bills, top up mobile accounts, and view their balance and transaction history. The stored value account can be funded with cash locally or by card where international remittances are used to credit the stored value account.

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