Mobile Banking x Remittance = Huge $ Your cellphone is the "remote control" for your life. In addition, Hellomycash Cellphone Banking is starting to deliver on its promise of putting ‘your bank in your pocket’, and allowing you to transact anywhere you go.
Just Put It On My Phone!
There is a new hip and trendy customer base out there, one that's interested in moving money for different reasons. The allure of mobile financial services is particularly strong for consumers ages 25 to 34.
For carriers alone, revenue from mobile fund transfers is expected to grow to $8 billion in 2012, from $65 million last year. The potential is there for quite a speedy uptake.
Convenience is the unique selling point of both mobile banking and mobile payment at the point-of-sale. Hellomycash, sending, receiving money and paying by phone, is transacting and transforming Mobile Financial Services.
Since in the minds of Americans, plastic=money, a prepaid mastercard is assigned to your phone number. You can send and receive money by phone, and it instantly loads onto your pre-paid Mastercard. A load option at participating stores (WalMart, Arco, Schnucks,) where you bring your cash in to put "on your phone", will tie in existing team sponsors. They in turn can push coupons and offers to your phone in opt in -permission based marketing offers.The ability to perform banking functions, such as check balances and pay bills, from anywhere without the need of a computer is the major convenience of mobile banking, and the prospect of no longer carrying a wallet is the major ease of use of mobile payment at the point-of-sale.
"Social Banking"-The YOUniverse!
The individual is the new group and the epicenter of social context. You don't need a basic understanding on real-time, collaborative and social technologies to get that markets are conversations, and the future is conversational. In a bit of irony, the YOUniverse bears some of the marketing "cost" by propagating the messege.
We don't need banks to stand between "us" and our stuff anymore...Yet, there is so much stuff out there, that we still need A cool way to handle the movement of our money.
Sending cash by phone will insinuates its way in into our daily lives deeply and invisibly. Something incredible happens with tools which are never put down — which, like the tool of language, are always on, always reliably available.
Social Banking makes us more. Hellomycash is taking our killer application of Instant Bank Transfer capability and Instant Micro Loans from "inevitable idea" to reality, moving monies wirelessly, silently and easily between people. Essentially, turning your phone into an ATM machine. This is just street up inspiration with no central bank in charge.
Mobile Banking---Fo
r those using Instant messaging, they get "it" --- It's not like tivo and it's not like podcasting. Tivo is a product that you buy. Podcasting is a standard that you use.Tivo lets you time-shift TV. Podcasting lets you download things automatically from the Internet.
When it comes to voice mail and e mail, people leave a message and you "get back to them. Instant messaging, well is instant. So is mobile banking. Home is not where the heart is, it's where your phone is:where ever you go, there you are. It's easy and hard to deal with "everywhere" 24/7. Your phone is the remote control for your life. Banking is no longer defined by real estate.
Mobile peer-to-peer payment services are another slice of the much larger mobile banking pie gold rush that Hellomycash is carving up. When someone is sent a text saying "You've got money", it creates a viral effect, and people open hellomycash accounts. You can important your entire contact list from your phone too.
r those using Instant messaging, they get "it" --- It's not like tivo and it's not like podcasting. Tivo is a product that you buy. Podcasting is a standard that you use.Tivo lets you time-shift TV. Podcasting lets you download things automatically from the Internet.When it comes to voice mail and e mail, people leave a message and you "get back to them. Instant messaging, well is instant. So is mobile banking. Home is not where the heart is, it's where your phone is:where ever you go, there you are. It's easy and hard to deal with "everywhere" 24/7. Your phone is the remote control for your life. Banking is no longer defined by real estate.
Mobile peer-to-peer payment services are another slice of the much larger mobile banking pie gold rush that Hellomycash is carving up. When someone is sent a text saying "You've got money", it creates a viral effect, and people open hellomycash accounts. You can important your entire contact list from your phone too. Mobile banking NOT a managed program; Mobile banking is a flexible platform, Hellomycash DOESN'T provides everything: Hellomycash provides the starter pack. Hellomycash DOESN'T own their resources: Hellomycash mobilize resources.
Text Usury-Hellomycashadvace, a service which mediates loans between our fans and our partner banks. Fans send a text message to our banking partner offering mini loans (these are typically in the range $75 to $300) . The message contains the fans ID number and bank account details as well as the amount of the loan. Our bank checks their credit and, when it is acceptable, sends back a link to hellomycash.com with the terms and conditions.
Once the fan accepts these (by hitting "OK" on the relevant page) the money is sent to their hellomycash account. Our banking partners do not charge explicit interest, but instead charge an arrangement fee (which is the equivalent, often, of an APR of several hundred percent).
A look at Person-to-Person (P-to-P) payments-Hellomycash IOU is a service which mediates loans between users. More than that, lets say you regularly throw a few bucks into a lottery or football pool at the office, Hellomycash tracking system makes sure everyone knows just who paid what.
Hellomycash has a kind of comfort factor introduced into our portfolio of cash-like features of, universality, trust and anonymity. We became convinced that the "solution" to cash-less is not really anonymity, but a reasonable agreement between stakeholders on the extent and scope of the audit trail. So when you use your phone for cash-replacement stadium concessions transactions under ten dollars , you might reasonably expect the details to be kept for 90 days after which they are anonymised so that they can be used for planning and analysis but not for tracking and tracing.
We have crossed a cultural as well as an economic threshold when plastic and money are synonyms, In effect so is mobile remmitance, and the crime of choice is identity theft, not bank robbery. With remote application locking, 24/7 shutdown, location services. Hellomycash has all the security capabilities that come with the mobile environment to deliver a level of security far above the credit card platform.
P2P Banking
First, , their was Napster, peer-to-peer downloading that sent the record world into oblivion, Now comes, Hellomycash, a piooneer in the U.S. person-to-person payments market, in which one individual electronically transfers money to another through their cellphone handset.
Person to Person banking is typically offered by processors as a loss leader or add-on to a broader payments product, because like Napster, it cuts out "the middleman"; since the P-to-P payments generally don’t generate enough income from consumers to be a standalone business. Hellomycash, however, will announce a Midwest bank who has signed on to promote P-to-P . They will charge participating financial institutions fees.
Cards Replaced Cash; Now, Phones. It's old wine in a new bottle. -the Next Step in Payment Evolution---More Revenue-Anytime-Anywhere.
Making The Long Tail Of Banking Just A Little Bit Longer---Hellomycash's philosphy is simple: banks live for the large ones (overdraft fees) yet can now live on the small ones (micropayments)--This is small-scale BOP Bottom of the Pyramid transaction banking on a mass-market basis. Cash will no longer remain the most effective mechanism for low-value payments.
The Long Tail in banking is a mass market of niche microgroups. They incur no cost overheads to manage,but, for each transaction, creates a small profit. As the mass of niche transactions build, the small profits become big profits. This is not far off what banking does anyway – processes massive volumes of small transactions – but, right now, our banking partners focus upon making money out of account management.
The long tail of banking, there are no accounts. You want to reach people who were previously underserved, because it would not be profitable. Using Hellomycash technology our banking partners can serve them. They can serve them because there are no people involved, no account onboarding process, no branches or telephone support services, and no account maintenance costs. We are talking about kids, students, the unbanked, the underbanked, and more than that, our avid,main and emerging American football fans. And we are talking about social lending and saving.
The User Experience and User Inexperience
Pro football is the most profitable sport on the planet (mean operating income in 2006 was $17.8 million on $204 million in revenue. The sport has come to represent the entire country of the United States, and doing a mobile remittance proof of concept with teams this year will be the most impressive brand positioning victory for the NFL, Hellomycash and our banking partners.
Credit card firm Visa pledged that the 2012 Olympics will be entirely cashless for visitors-the plastic Olympics---Hellomycash's vision is to work with our credit card partner to make a cashless 2012 Super Bowl--using two payment systems---Plastic Credit Card and Hellomycash (less) play by phone.
Text Usury-Hellomycashadvace, a service which mediates loans between our fans and our partner banks. Fans send a text message to our banking partner offering mini loans (these are typically in the range $75 to $300) . The message contains the fans ID number and bank account details as well as the amount of the loan. Our bank checks their credit and, when it is acceptable, sends back a link to hellomycash.com with the terms and conditions.
Once the fan accepts these (by hitting "OK" on the relevant page) the money is sent to their hellomycash account. Our banking partners do not charge explicit interest, but instead charge an arrangement fee (which is the equivalent, often, of an APR of several hundred percent).
A look at Person-to-Person (P-to-P) payments-Hellomycash IOU is a service which mediates loans between users. More than that, lets say you regularly throw a few bucks into a lottery or football pool at the office, Hellomycash tracking system makes sure everyone knows just who paid what.
Hellomycash has a kind of comfort factor introduced into our portfolio of cash-like features of, universality, trust and anonymity. We became convinced that the "solution" to cash-less is not really anonymity, but a reasonable agreement between stakeholders on the extent and scope of the audit trail. So when you use your phone for cash-replacement stadium concessions transactions under ten dollars , you might reasonably expect the details to be kept for 90 days after which they are anonymised so that they can be used for planning and analysis but not for tracking and tracing.
We have crossed a cultural as well as an economic threshold when plastic and money are synonyms, In effect so is mobile remmitance, and the crime of choice is identity theft, not bank robbery. With remote application locking, 24/7 shutdown, location services. Hellomycash has all the security capabilities that come with the mobile environment to deliver a level of security far above the credit card platform.
P2P Banking
First, , their was Napster, peer-to-peer downloading that sent the record world into oblivion, Now comes, Hellomycash, a piooneer in the U.S. person-to-person payments market, in which one individual electronically transfers money to another through their cellphone handset.
Person to Person banking is typically offered by processors as a loss leader or add-on to a broader payments product, because like Napster, it cuts out "the middleman"; since the P-to-P payments generally don’t generate enough income from consumers to be a standalone business. Hellomycash, however, will announce a Midwest bank who has signed on to promote P-to-P . They will charge participating financial institutions fees.
Cards Replaced Cash; Now, Phones. It's old wine in a new bottle. -the Next Step in Payment Evolution---More Revenue-Anytime-Anywhere.
Making The Long Tail Of Banking Just A Little Bit Longer---Hellomycash's philosphy is simple: banks live for the large ones (overdraft fees) yet can now live on the small ones (micropayments)--This is small-scale BOP Bottom of the Pyramid transaction banking on a mass-market basis. Cash will no longer remain the most effective mechanism for low-value payments.
The Long Tail in banking is a mass market of niche microgroups. They incur no cost overheads to manage,but, for each transaction, creates a small profit. As the mass of niche transactions build, the small profits become big profits. This is not far off what banking does anyway – processes massive volumes of small transactions – but, right now, our banking partners focus upon making money out of account management.
The long tail of banking, there are no accounts. You want to reach people who were previously underserved, because it would not be profitable. Using Hellomycash technology our banking partners can serve them. They can serve them because there are no people involved, no account onboarding process, no branches or telephone support services, and no account maintenance costs. We are talking about kids, students, the unbanked, the underbanked, and more than that, our avid,main and emerging American football fans. And we are talking about social lending and saving.
The User Experience and User Inexperience
Pro football is the most profitable sport on the planet (mean operating income in 2006 was $17.8 million on $204 million in revenue. The sport has come to represent the entire country of the United States, and doing a mobile remittance proof of concept with teams this year will be the most impressive brand positioning victory for the NFL, Hellomycash and our banking partners.
Credit card firm Visa pledged that the 2012 Olympics will be entirely cashless for visitors-the plastic Olympics---Hellomycash's vision is to work with our credit card partner to make a cashless 2012 Super Bowl--using two payment systems---Plastic Credit Card and Hellomycash (less) play by phone.
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