Logica Priam - enabling mobile payments
According to recent global reports, more than a billion people in developing countries own a mobile phone but not a bank account. This number is expected to reach 1.7 billion by the year 2012.
What's common among those constituting this number is, that most of them are not quite well off financially and often reside in the hinterlands. For them, a mobile phone is more a basic necessity than a bank account. Without access to basic banking facilities, they depend on informal sources of credit. And often end up spending even more in the form of interests.
For a bank, it’s not very simple or cost effective to reach out to these people. Setting up branches and ATMs mean cost of infrastructure in addition to maintenance and security. But, from the overall economic growth parameters of a country’s economy, inclusive growth is on the radar. And so, wouldn’t it be great if banks could find more efficient means of covering this target group? What would even be better is if the existing mobile telephony that’s already connected these people to the country’s mainstream telecommunications network can be used to offer them basic banking services.
What is Logica Priam?
Our mobile payments solution Logica Priam helps bridge this gap. It’s a simple solution that enables secure anytime, anywhere, payments. It works on all types of handsets and networks (GSM, CDMA), and allows transactions to be carried out in multiple languages. Logica Priam uses the ubiquity of the SMS, and enhances it with Interactive Voice Response (IVR) capability, so as to cater to a wide spectrum of users speaking different languages.
Features:
- Network agnostics – works on both the GSM and CDMA networks
- Works on all types of handsets – from the most basic handsets to the smart phones
- No application download and installation required
- No GPRS/data plan required
- State of the art security for end to end security of the transactions
- Complies with the regulatory requirements
Logica Priam Ecosystem
The ecosystem includes the following key stakeholders – Banks, Business Correspondent (BC) and the Mobile Network Operator (MNO)
As the bank, you are in direct relation with the end user and provide him with basic banking products and services through Priam. It is up to you ensure that the end user provides appropriate documents such as Know Your Customer (KYC) and Anti-Money Laundering (AML) to meet regulatory requirements.
The BC acts as your agent and renders services such as cash deposit or cash withdrawal on your behalf. The BC acts as the registration point for the end user. It accepts the registration request through Priam and forwards the registration documents to you. In addition to this, the BC also takes the responsibility of educating the end user about the benefits of banking services as well as teaches/trains them to use Priam.
The MNO provides the communication infrastructure for the transactions.
If you have any queries, contact us.
Logica
Skip to content
