VoiceCash Brings More Business to Mobile Operators

Munich & Dubai, 07.07.2010 [VCG070710J]. Michael Kramer, CEO of VoiceCash Group, is a visionary with the belief that low skilled and low paid workers everywhere are entitled to banking services at a reasonable cost. Kramer knows that there are millions of expatriate workers all over the globe, many illiterate, that are in need of affordable financial services which enable them to transfer money. According to the World Bank in 2009 overseas workers repatriated approximately 316 billion dollars (€226.6 billion). The VoiceCash CEO states proudly, "In this office we talk of banking for the millions, never of banking for millionaires."

Since almost all of the workers are mobile phone users, the logical conclusion was to offer mobile banking. This commonality allows the workers to access financial services in a way that they can afford and understand. Also benefitting from the mobile banking services are the Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MVNOs). They have enormous opportunities to expand their business and retain customers using VoiceCash's mobile banking technology and services.

VoiceCash services help MVNOs to retain customers
An MVNO is a mobile operator that does not own its own spectrum and does not have its own network infrastructure. Instead MVNOs have business arrangements with traditional mobile operators to purchase minutes of use (MOU) for resale to their own customers. Customer retention is a very important issue for the mobile operators. VoiceCash's mobile services are an ideal extension of the mobile operators' product portfolios. An increasing number of mobile service providers have already discovered that offering financial services through mobile phones gives added value to mobile services and helps retain customers to networks.

Mobile service providers can offer significantly lower rates than traditional money transfer agents. The World Bank estimates that if commission rates can be lowered by two to five percent, formal remittances could increase by 50 to 70 percent. Lowering the cost of remittances encourages more frequent and lower value remittances. Today’s average transfer value of 200 dollars is expected to markedly decrease as workers switch to mobile providers. Local economies will be boosted as more money flows in. Low income segments in emerging markets are expected to adopt the new services at a much faster rate than the global average. As those previously unbanked discover that mobile providers can help them to easily realize every day money transactions, the mobile operators that recognize the potential and offer the necessary functional services will emerge as the market leaders.

Transactions secured by voice authentication
VoiceCash gives the MNOs and MVNOs another big advantage with its unique security system. They can offer their users of mobile banking services highly effective security that is simple to implement. There is no need to speak a recognized international language nor is any special level of literacy required. Everyone possesses a unique personal voice identity which is the basis for the system. The new and extremely simple "call back" system works using voice biometrics. If a user wants to transfer money, he can do this by voice control or SMS. Because his voice is registered and stored in conjunction with his mobile phone number, an automatic call-back is sufficient to verify that the voice profile matches the phone number. Customer retention is assured as they will be very satisfied with this easy-to-use method of securing their mobile transactions. VoiceCash makes mobile banking a reality.

About VoiceCash:
VoiceCash specializes in International Mobile Money Transfer. The VoiceCash services enable mobile users to share money with family members or friends abroad. VoiceCash Bank has a full European SEPA Banking license. Thus VoiceCash appears as a turnkey supplier for money transfer services offering mobile operators, banks and other service providers a central processing system for worldwide mobile transactions. For more information, see http://www.voicecash.com

VoiceCash Services GmbH & Co. KG
Geisenhausenerstr. 15
81379 Munich, Germany

Press Contact:
George Wyrwoll
Phone: +49-89-452284-0
Fax: +49-89-452284-100
e-mail: press@voicecash.com

This release was published on openPR.