This app has partnered with the State Bank of India in order to reach people without banking access in the country.
The Amdocs mobile wallet app has now entered into a partnership with the State Bank of India for the purpose of reaching the millions of people throughout the country who are unbanked, so that they can have access to digital banking capabilities.
The company has now officially announced its white label solution that targets the underbanked and unbanked populations.
Amdocs provides global customer experience solutions for the telecom industry. It announced that it will be bringing a mobile wallet to the unbanked and underbanked populations of the world. That said, it also made a second announcement, which was of a new partnership that it had opened up with Triotech, the State Bank of India, and Bharat Sanchar Nigram Ltd (the Indian telecom). It has offered its new solution with the intention to be able to reach about 75 million households within the country.
The mobile wallet gives users the ability to complete a range of different types of transaction.
Users of the app are able to take part in a broad spectrum of mobile payments and banking capabilities. This includes paying their bills, applying for a microloan, making payments in-store through their debit and credit cards, as well as with prepaid cards.
A significant move by Amdocs that made this new mobile payments and banking solution possible was its acquisition of Utiba, which took place earlier in 2014, and that had already launched its first m-commerce in 2004 in the Philippines.
It is pushing to take part of the massive potential presented by the tremendous unbanked population around the world which, according to the World Bank, is made up of 2.5 billion people. The Amdocs division president of emerging offerings, Patrick McGrory, explained that it is seeing a considerable opportunity to bring together the efforts of telecoms and banks in order to be able to serve that population, particularly as much of the unbanked population of the world also happens to be smartphone owners, making it a potentially perfect fit.
Some 200,000 retailers throughout the U.S. currently accept mobile transactions from Softcard and other NFC-based payment services. These retailers have adopted NFC-enabled point-of-sale systems that allow people to purchase products using their smartphones rather than credit and debit cards or physical currency. Softcard currently only works with a limited number of credit cards as well, supporting American Express, Wells Fargo, and Chase cards.