Support Systems for Mobile Money

Mobile money, although a broad topic, generally requires a next-gen BSS platform. There are several reasons for this. First, the service catalog and security considerations are complex. Second, the transactions must be settled in any currency, or alternative currency, such as airline loyalty points or cryptocoins. Third, loyalty and incentive programs in the m-money arena can be very compelling, but also highly complex. Lastly, these services must be able to be rock solid at large scale. Excellent options are available from Amdocs, NetCracker, Ericsson, Huawei, and CSG International.

"According to market research, 2.5 billion people in the world do not have a bank account, yet an estimated 1.7 billion do have access to a mobile phone," said Patrick McGrory, division president for Amdocs' emerging offerings. "This represents a huge market opportunity for network operators and banks, and one which does not end with financial inclusion of the unbanked. The convenience and speed of mobile financial services are attractive to everyone."

Making cents of mobile money

There are many ways for service providers to become active in the mobile money space, from a simple contactless payment portal, to a converged mobile wallet, to an alternative money manager (M-Pesa, T-Mobile Money), to an end-to-end financial services provider partnered with a bank. While partnership, rapid development, and full-scale commitment is necessary to achieve traction in mobile money, so are the right support systems. Investing in a next-generation platform not only opens the doors for mobile money offerings, but also the wealth of opportunities in the digital economy.