CashFlows Launches Mobile Money Box
CashFlows has released its Mobile Money Box, an e-payment service for mobile network operators (MNOs), who are increasingly targeting the merchant space and financial services. The service is a white-label solution that MNOs can deploy to support all their e-payments and e-money activities including contactless payments, as well as an increasing range of payment apps, powered and operated on their behalf by CashFlows, who are competing for a slice of the pie in this growing market with established card scheme operators and rivals such as WorldPay and software vendors such as Monitise.
The Mobile Money Box follows the launch of the CashFlows Account earlier this month. This attempts to lock businesses in to a single account into which all their e-payments are received and managed, removing the need for separate payments and business bank accounts. The Mobile Money Box allows MNOs to monetise their service offerings more quickly and easily by outsourcing the regulatory and payment scheme management to CashFlows, although they will of course lose some control and have to pay fees.
“Mobile payments are being talked about all of the time,” said Nick Ogden, chief executive officer (CEO) of CashFlows, “but we feel that the opportunities that mobile payments present are still held back by difficulties in developing the necessary alliances between MNOs and the incumbent financial service organisations. As a regulated financial services business ourselves, with full membership of the card schemes, we can offer all the financial services the MNOs require, as an independent and market neutral partner.”