Paymaster now point of sale for credit union's mobile wallet

Friday, September 26, 2014

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PAYMASTER is now the official point of sale for the Jamaica Co-operative Credit Union League (JCCUL) mobile wallet solution.

JCCUL has also announced a re-branding of its mobile wallet, formally referred to as Jamaica Credit Union e-Payment Services (JCUES), at a press conference held at the CRU bar in Kingston on Wednesday.

The relaunched solution is now called 'Conec Mobile Wallet', and is being hailed as a quick, easy and secure way to manage your money using a mobile phone.

The moves come as JCCUL attempts to expand its customer base beyond its initial target of its one million credit union members, after having received approval from the Bank of Jamaica (BOJ) to roll out the second phase of the solution -- the mobile wallet.

Customers will now be able to 'top-up' or withdraw money from their wallets at any of the 21 Paymaster-owned locations, in addition to the over 40 credit unions islandwide, said Heston Hutton, managing director of Centralized Serviced Ltd, a subsidiary of JCCUL.

It is expected that all sub-franchised paymaster locations islandwide will be brought on board at the end of the pilot, which is expected to last just over two months.

The bill payment company stands to earn an undisclosed commission from the volume of 'cash-out' transactions made, and will come at no cost to the customer, Hutton told Caribbean Business Report.

The partnership "signals a good shift in how more Jamaicans can access financial services", said Audrey Marks, CEO of Paymaster.

BOJ also recently granted the company approval to deliver remittance services using the mobile wallet solution, said Kavin Hewitt, CEO of JCCUL's technology partner, Mozido Jamaica.

This added functionality will enable customers who receive money through MoneyGram to verify and accept the amount of money sent, then deposit it in their mobile wallet or in their credit union account.

At that juncture, customers will also be able to send and receive money from one mobile wallet user to the next for a fee, with the minimum transaction being $100.

The transaction charges will be scaled based on the amount of money being sent.

A test of the mobile application by the Caribbean Business Report revealed that it costs $10 to transfer the minimum amount of $100 and $40 to transfer $5,000.

Currently, the wallet is being routinely used by 3,000 persons to top up their phones and make direct bill payments.

The Conec team has established a short-term goal of getting its user-base up to 50,000 people by the end
of the year.


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