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Consumer Wallet for Financial Inclusion

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2 minutes read

<A new set of products, separately licensed>

We have been working on a more specific wallet model known as “financial inclusion wallet”. Its functionality partially coincides with our solution for tech-savvy and finance-savvy users but also supports specific requirements of certain countries and markets. 

Customer on-boarding

Users of WAY4 Financial Inclusion Wallet can:

  • Register by phone number 

  • Authenticate oneself using login/password, access code, biometrics

  • Link cards and accounts issued by 3rd parties to the wallet app

This wallet app works for both KYC and non-KYC customers. The latter get access only to basic features and lower operation limits, while KYC users enjoy the extended functionality and fewer limitations.

Current KYC procedure requires the user to visit the branch and fill in some personal information. We plan to support more KYC methods, such as scanning ID or linking the bank card.

Payments and transfers

Financial Inclusion Wallet provides the following key functions:

  • Wallet top-up from linked cards and accounts 

  • Cash top-up in physical locations (branches, offices, agents)

  • Bill payments – wallet users can search for outstanding bills by their phone number. Payments are done using the wallet account.They can also choose a service provider from the list, subscribe to bill notifications and set up recurring payments. 

  • Money transfers by phone number – the sender inputs the recipient’s number or chooses it from the contact list. Someone who is not a wallet user would need to download the app first, register and receive the transfer to the new wallet account. 

  • Money transfers by QR code. The recipient can use the wallet app to generate a QR code for the due amount. The sender uses his/her app to scan the code and complete the transaction.

  • Option for wallet cash out –  users can transfer wallet funds to their linked cards/accounts and then withdraw cash via ATMs, bank branches, offices or agent outlets.

Customer journey management 

To make the app appealing and easy to use we have added the following functions:

  • Transaction history and analytics –  users can view their financial status and purchase history in the form of pie-charts.

  • Multi-functional home screen – it displays the wallet account balance, various notifications and a selection of wallet functions.

  • Additional info services:  geographic map, feedback forms, and push notifications about transactions.

  • Loan management -  wallet users can request the issuance of a loan from 3rd party financial service providers. The borrowed funds are added to the wallet balance. 
    The loan itself will be visible in the wallet menu and can be repaid using wallet account. 
    The app supports every step of loan lifecycle: disbursement, KYC procedure, loan repayments. This release includes REST API for integration with 3rd party lenders.
    Also, users can link loan accounts of other people – relatives, friends – and repay such loans as their own.

USSD Channel

<Pilot product>

We are also working on a separate solution called USSD Wallet. It facilitates low-cost financial inclusion in the emerging markets with undeveloped infrastructure, as well as the agency banking business model. 

USSD Wallet enables users to self-authenticate via their PIN and send instructions to the financial services provider, who can send responses to customers and confirm transactions.  On both the agent and customer sides the solution supports:

  • Customer on-boarding

  • Money transfers

  • Mobile top up

  • Cash in & Cash out

Unlike the smartphone-oriented payment apps that require an Internet connection and contactless interface (NFC or QR scanner), USSD Wallet works on the majority of mobile devices, including feature phones with no touch screen.  In addition, the USSD messages are a cheaper alternative to SMS.