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MI-WALLET, the future of cardless payments in Africa
Mi-Wallet is a digital wallet and contact-less mobile payment application, once a user creates an account with Mi-Wallet will be able to connect several mobile money and bank accounts into the application. Mi-Wallet is powered with Near Field Communication(NFC) and Quick Response(QR) making it a " Tap and Pay" app using smartphone, this means a user will be able to pay in a store by simply waving their smartphone on a merchant device acting as point of sale(POS), a smartphone in this case will behave like a smartcard hence achieving cardless transaction. Users are only required to use a fingerprint or PIN to authorize transaction(Payment) hence making the process faster, secure and more convenient. users will also be able to send and receive money, pay bills and withdraw instantly.
MIWALLET will support all local banks and mobile wallets, being the first contact-less payment application in Malawi besides being the cheapest digital wallet, it will safeguard people from contracting Covid19 when buying things in shops. MIWALLET will also be the first service to offer customers an advantage to purchase electricity and water units on credit to help them have power and water throughout even when they don't have money.
According to statista.com there are over two million smartphone users in Malawi and every year users increase by 8% giving us enough room to grow in the market. MIWALLET app will support all network technologies (2G/edge, 3G, 4G and 5G) ,it will also have support to old smartphones without NFC (wireless) technology to ensure that everyone can access it regardless of their smartphone model.
A functional prototype of MIWALLET app has already been developed with first level testing being done on virtual bank accounts as we are preparing for a possible partnership with atleast one local bank for a start. The banks we have aproached have shown great interest in the innovation giving us a hope to roll out the first official version of the product by early 2021 or late 2020.
MIWALLET will generate revenue through every Tap to Pay transaction on POS with a fee of less than $0.20. MIWALLET is also taking advantage of electricity and water units purchased on credit by deducting a fee of less than $0.20 during repayment.
MIWALLET will seek to raise seed capital from interested investors (angel investors & VCs)
Define three specific objectives that you would like to achieve with your proposal.
1.Provide a contactless mobile payment for everyone for the first time in Malawi and neighboring countries
2.Provide cheapest digital wallet services than all competitors to help people save more when using digital services.
3.Be the first platform to provide electricity and water units purchase on credit so that people can have power and water throughout
What problems (particularly in value chain competitiveness and global disruption) are your community’s stakeholders facing due to the Covid-19 pandemic?
With high concern of fast spreading covid19 people are forever looking for ways to stay safe as much as possible and at the same time they would life to go on. in Malawi we still use cash to buy things and according to Reserve Bank of Malawi they had figured out that exchange of cash is one major way of spreading covid19. since then they have been trying to sensitise the communities to be washing hands when ever they are handling money. it is no brainer that there is a need of banks and mobile wallets to step up and provide means to their customers to handle transactions safely but the data has shown the methods available are not convinient at the same time costly and this is forcing people to keep using cash when trading instead.
Right now shop owners are trying their best to protect their employees and they wish there was a proper way to handle payments other than cash.
What minimum viable solution(s) are you proposing to address the challenge(s) in your community?
there is a need to introduce a solution that is fast and convenient to help people make payments in shops contactlessly. Using the smartphone instead of swiping bank cards will increase security and flexibility. the solution should be friendly to accomodate everyone thus providing an app that will allow people connect their several local bank accounts in it because people are not farmiliar with visa cards and other exotic payment systems that are not available in semi-urban areas. the app will relieve shop owners and their employees since there will be less handling of cash. This digital wallet will be 10x cheaper than available mobile wallets to ensure everyone can use the service without worrying about unnecessary costs of using it.
Share your story (your narrative)
Lovemore is worried about going out because he is very concerned about getting or spreading covid19. but at home there are no groceries and Lovemore would like to go to a supermarket to do some grovery shopping. Lovemore is keeping some money at a Local bank and would like to use it for shopping. Lovemore is worried about using cash after learning from Central bank that cash is spreading covid19 at a very fast pace. Lovemore would love to pay through a digital platform of the bank but not so many shops do support the services of the bank. Lovemore decides to download MIWALLET app which supports every local bank and widely used in many shops across the country ,both big and small. Lovemore finally manages to sign up with MIWALLET app and connects it with the Local Bank. Lovemore is now happy because he will pay by simply waving his mobile phone on a POS in the shop instead of cash. Lovemore is excited to learn that MIWALLET app is 10x cheaper than all mobile wallets available and he has put shop owners and himself safe
Please provide any additional relevant information that you would like to share.
MIWALLET will extend to neighboring countries to support international transfers and contactless payments across the boarders. MIWALLET is not yet released but the idea has been embraced by relevant stakeholders and banks inclusive. for the past months we have been doing research on how ready the people are to embrace the new technology and from our research report it has shown 80% of people are ready to use the application considering the cost effectiveness of the service compared to the existing wallets from MNOs. Our project timeframe shows that MIWALLET app will be available for download by november 2020
Hi Ronnex,
I trust you are well.
Let me congratulate you on your idea. Mobile money solutions highly favoured by investors, so I certainly hope your idea will one day turn to a prototype
I wish to share a few remarks for your consideration.
1. Will you be the one responsible for supply point of sale devices to merchants or do they already have this technology in place?
2. Consider mentioning internet and smart phone penetration stats to give us an idea of the potential market in Malawai.
3. Will your solution also accommodate people without 3G/4G/5G compatible “smart” phones?
4. Consider mentioning how MI-Wallet will be both funded and how you will make money (business model).
5. Consider amending your objectives into SMART objectives to reflect how you intend to move from idea to prototype. Visit https://thedigitalprojectmanager.com/project-objectives/ for a detailed explanation
Greetings and best wishes for your submission
Assuming your Mobile Money is of accessible on a global scale
1. Can you please enlighten me about your MI-Wallets superiority or Advantages over Cards/Paypal/Apple Pay on The following Situation:
A person Named ”Mr. XYZ” intends to buy Online and surfing Amazon US site. Why he must thinks of your ones leaving others?
2. Is it independent enough to be accommodating on any sort of handsets, OS, Versions ?
Users tagged:
Hi Ronnex, is this linked to mobile money services from a telco?
Hi
This is an intriguing idea!
However.
How do you differentiate yourself from the lines of PayPal or ape pay?
Thanks.
Hello Ronnex, Greetings and congratulations on your idea. I am particularly concern about the risk involve in this. just like any e- transactions, there are potential risk, was your prototype able to identify some of these risk like hacking onthe app and generating fake codes? also, you might want to consider, focusing on people in semi-urban communities in Malawi, i feel they need it more?
finally, Do you have any solution for people without smart phones. Not everybody have access to smart phone. you might want to consider this
MiWallet is providing a creative way of safeguarding the bank card holders from the incessant card loss or stolen that may lead to unauthorized debit. Personally, this is a unique solution that will transform the digital financial services among Africans.
I want to know two thing, How do you make money from it and what is your sustainable model?
Hi Ronnex,
Congrats for your initiative! A few suggestions, if you would like to take them in consideration:
This is a great idea, but it would be good to explain why your idea is unique, compared to the other versions which already exist on the market.
-Have you thought about why would people use this instead of the ones which already exist i.e. would it be more user friendly, or more secure?
-It terms of sustainability, if you plan to make it global, again, the same questions come into my mind- how is your idea better than the competition?
-Explain more who your target audience is, provide some demographics
-Regarding the revenue, who would pay the fee? On the second goal you stated you aim to provide the cheapest digital wallet services; I was wondering if your competitors charging a higher fee than yours?
- Third goal sounds great! It would be helpful to get into more details how this will work.
-Providing references throughout is always good and makes your case stronger.
Have you considered providing a timeline for when the app will be ready?
Also, as I mentioned before since there are already other available ways to pay contactless via card or using a smartphone, how will you make yours accessible to individuals using cash, if they are not already using the contactless methods already available?
-Again, would be very useful to evidence that your app would be 10x cheaper, and also how is your idea more user friendly and easier to use than others.
Congrats again and the best of luck!
Best,
Ingrid
Users tagged:
Hi Ronnex, very great idea, best of luck with implementing it!
I was wondering how is this app better than existing androing/ios NFC based payment apps. What is your competitive advantage? Also, other than the statistics you have mentioned, have you preformed potential customer interviews? What are the people most likely willing the app to look/function like? Most importantly, how do you ensure security in such a system?
Thanks in advance for your answers. Best of luck with your idea!
Greetings Ronnex,
First and foremost, great idea! Now, you state that a "functional prototype of MIWALLET app has already been developed" but it would have been useful to post a video or series of images how this prototype looks and functions. This way the user can more easily visualise the application and get a feel for it.
Secondly, I imagine there would be quite a number of protocols and paperwork involved in connecting with banks since these kinds of things contain a lot of sensitive information. What do you have in place in the case of a security breach? Moreover, how would your app prevent/mitigate breaches?
What happens if user don't have a smartphone?
How would you keep customers money safe from hacking or other ways of stealing from their digital wallet. bKash a mobile money giant from Bangladesh has a very high rate of fraud and predatory occurrence.
Status label added: Mentor feedback received
Smart idea,
However,can you consider making it work Globally?
Hi Ronnex, you are saying that you interface will all relevant banks. As far as I know only very fea banks currently have open APIs and interfaces for 3rd parties to work with. How do you make sure you get access to all those relevant banks and accounts?
Interesting model Ronnex. Have you looked at https://chippercash.com/
Hi Ronnex, how will you provide electricity and water units with credit? I know this is an expensive task so I want to know your plans on this.
Hi Ronnex, This idea is very useful, I think that highlight the security issues are very important to get partners. Maybe you can say something about the international standars that this tool can comply to give more confidence to your potencial customers. Good luck.
Hi Ronnex,
Good idea. How do you ensure the privacy and data security of your clients' transactions?
hi Ronnex, Tap&Pay requires both customer enabled device (NFC smartphone or sticker) as well as retailer NFC device. How will be paying for this?
In the meantime, you may want to have a look at our idea and vote for it if yo like it: https://cocreate.itu.int/post/3496670
Hi Ronnex, this a very brilliant idea and if executed properly can really scale up. One successful story is Mpesa in Kenya. You can also study Paytm of India so that you can see what best works for a country like Malawi. All the best