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Mobile Payment: Fone2pay

Mobile Payment

The Nature of the Problem

The Bill & Melinda Gates foundation's Financial Services for the Poor has reported that of the world's 2.6 billion people who live on less than $2 per day, nearly 80% do not have access to a bank account. Yet many have mobile phones.

  • Not everyone has a smart phone to be able to load & run an App
  • Not everyone is literate
  • Not everyone is "computer literate"

The Fone2Pay Mobile Payment Solution

Our solution is simple at the user level, relying extensively on the ability to make a phone call. Each person's phone number becomes their unique "account ID" and many people know, or have stored in their address book on their phone, the phone numbers of people they might wish to pay money to.

Simple Front End, Hidden Complexity

We understand that users want a system that is straightforward to use, and where there is no "learning curve" in order to become au fait with the service. Equally, they want to know that their funds are secure. So we have a system which is so very easy to learn how to use, but deploys multiple servers to render transactions secure.

  • It takes less than 1 minute to sign up for an account
  • New accounts are initially restricted to comply with Know Your Customer requirements
  • Web architecture for system operators and channel partners

Our Business Model

We recognise that we are not big enough to become a world-wide brand in our own right. We are therefore seeking interested parties who require a ready-to-roll solution which can be operated under their brand for deployment in their markets.