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mMoney: What’s in Your Wallet?
It’s your worst nightmare—you drop your wallet or purse somewhere, and all your cash is suddenly gone, never to be seen again. You feel you’ve lost your mind, not just your money and wallet.
It’s almost certainly happened to you or someone you know. But that was the old way.
Securing your money just got so much easier with the new digital wallet. How?
With the new mMoney wallet, you won’t lose your money, even if your smartphone is lost or stolen. Because your money can’t be accessed by anyone without your email and password.
mMoney is a wallet just like a physical one, so you simply put as much money as you need into it—as often as you like. Just visit our main office in Hastings Plaza or one of our select mMoney Merchants to top up your account.
So if you lost your phone, dropped it into the sea or had it stolen, you could simply log in with your email and password when you get your new phone, or for peace of mind, log on to our website mmoneybb.com to check your balance.
And this is just one of the many ways a digital wallet like mMoney is better; with the ability to send money to friends and family without all the crazy fees, or trying to remember where you spent that last $20. There’s no more searching for exact bills, or storing loose change.
In fact, with the mMoney digital wallet, the only thing to lose is your past worries!
In a country where about half the population doesn’t have bank accounts, and bank fees can be almost punitive, the principals behind a digitized version of the Barbados dollar are hoping to change the money game.
Mobile money (mMoney), an electronic wallet powered by local fintech company Bitt, allows users to store, send and receive money on their mobile device. More specifically, consumers are afforded the convenience of purchasing products and services, instantaneous peer-to-peer money transfers, and cash-in and cash-out services, all backed by secure, blockchain technology.
“You have a wallet on your smartphone carrying a representation of the Barbados dollar that you can spend via your smartphone at a network at merchants across the country,” explained Bitt’s chief executive officer Rawdon Adams, one of the driving forces behind the initiative.
Even before today’s marketing launch, the mMoney network included more than 130 merchants – and the list is still growing.
“The only thing we don’t have at the moment, but we’re very close to getting, is petrol stations. We’ve got quite a few convenience stores, but we’re probably going to have at least one outlet of a big supermarket later this month, possibly by early March, so at that point we feel we’ll really have just about every type of good people need for day-to-day living covered,” explained Adams.
Use of mMoney for purchases is completely free to the consumer. It simply requires the user to download the app. There is also no cost attached to peer-to-peer money transfers.
“So, if you want to send a relative or a friend in a different part of the island some money, you can send this digital Barbados dollar directly to their phone and they can go right ahead and spend it,” Adams said.
The benefits of mMoney don’t end at the consumers, however.
The app offers participating merchants a smarter, more affordable way to get paid. Unlike the traditional point of sale systems which cost businesses as much as 7 per cent fee per transaction, mMoney is free to merchants until the end of June, and when payment eventually kicks it, it will be at just one per cent of the amount involved in the transaction.
For merchants, mMoney also eliminates the disadvantages associated with cheques, as payment is instant.
Additionally, each mMoney merchant has the ability to function as a teller, allowing customers to either deposit or withdraw money from their electronic wallets. A one per cent charge is paid by the customer for the latter.
To top up the virtual wallet, app users have the option of either using the teller-type service at merchants, or going into Bitt’s Hastings, Christ Church office. Adams says the plan is to eventually add more options for consumers.