Around the world, in developed and undeveloped nations, there are millions of people that make transactions without using banks. Known as the under-banked or the unbanked population, these customers pay for utilities, remit funds and conduct other services via various means using cash only and have no bank account. The underbanked segment represents over 20% of the population in most countries and servicing them represents both a challenge and tremendous opportunity for traditional banks.

Qpay’s mobile optimised micro-banking service is low cost and simple to use. It converts under-banked (cash) customers to bank account customers by providing a simple to use platform and broad functionality.

Qpay’s platform offers under-banked customers outstanding security, a user optimised experience regardless of carrier or phone type. With Qpay the user has access to an outstanding range of functions including:

• Funds movements between personal accounts and balance enquiries
• Mini statement (SMS)
• Transaction requests and confirmations
• Remittances −across borders with fx rate and landing amount and p2p(Person to person) money transfer in country
• Mobile Payments−bills (electricity etc.), leases, mobile shopping
• Reload mobile phone
• Receive payments for goods locally and remotely

The system is simple enough for people with low literacy to use, voice generated instructions can be delivered in many local language and the typical user pays function are a fraction of typical costs because the security layer is native to the banking platform.