ProgressSoft this week announced the project launch of the total countrywide mobile payment solution, PS-mPay, in the Republic of Seychelles. The announcement was made during a meeting that joined the President of the Republic of Seychelles, H.E. Mr. James Michel and ProgressSoft’
Mr. Wakileh highlighted the importance of collaboration among the main stakeholders of this momentous project, which include the Central Bank, the Government, all commercial banks and Mobile Network Operators (MNOs), along with ProgressSoft – as the Solution Provider. He went on to explain how PS-mPay will provide all citizens, expatriates and tourists in Seychelles with Person-to-Person (P2P), Person-to-Business (P2B) and Person-to-Government (P2G) real-time mobile payments. The solution will also avail Direct Credits, Near Field Communication (NFC) based Point-of-Sale (POS) Payments, International Remittances and Bill Payments – all to be conducted via the mobile phone.
“It’s a fantastic concept”, expressed H.E. Mr. James Michel in reaction to the presented solution.
ProgressSoft will soon engage in the research and development phase of the project with the assistance of the Central Bank and the Government of Seychelles to achieve the implementation of the new system by mid-2013.
Mr. Wakileh affirmed that this is yet another milestone in ProgressSoft’
In explaining the benefits that the Seychelles stands to enjoy from the mobile payment services Mr. Wakileh said the economy will primarily retain and save all monies going out of the country; money laundering should be reduced as monitoring of micro payments and auditing of all cash transactions are made possible. He also said that while all payments become real-time, the overall economic cycle is expected to get vastly accelerated and hence the GDP of the country will increase.
According to the ProgressSoft CEO the banking sector would also benefit with the Central Bank having more control over all payments, which reflect in reduction of unnecessary overheads of printing and re-printing money notes. He said that meanwhile, PS-mPay will allow for the financial inclusion of the unbanked people in the country, which will furnish a new customer base for banks in Seychelles without requiring any extra operational cost or front-end employment. As mobile payment and transfer become the norm, dealing with cash shall decrease. This will have a positive impact on banks as they realize reduction in costs relating to cash handling as well as ATM machines investment and maintenance.
Mr Wakileh and the partners from Seychelles will present more details about this progressive mobile payment project during the Connected World Forum Plenary on 20 November.
10h00: Press conference
11h25: Collaborative Model for Countrywide Mobile Payments in the Republic of Seychelles
The panel will consist of H.E. Ms. Abel, the Governor of the Central Bank of Seychelles, H.E. Mr. Pierre Laporte, Seychelles Minister of Finance Trade & Investment, and Mr. Michael Wakileh, CEO of ProgressSoft Corporation. The panelists will jointly present the efforts made towards providing a countrywide mobile payment service in the Seychelles and will convey the unparalleled value of this pioneering experience to the mobile money decision makers attending the conference.
The Connected World Forum consists of three separate streams: Mobile Money, Mobile Health and Mobile Life.
19 November: Pre-conference workshop, Mobile Money and Mobile Health Academy
20-21 November: Mobile Money, Mobile Health and Mobile Life Conference days
20 November: Connected World Forum Awards
22 November: Post-conference workshop: Mobile Money and Mobile Health Academy
Location: Atlantis The Palm, Dubai, UAE