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September 29, 2010updated 04 Apr 2017 4:16pm

WiseKey brings m-banking to unbanked

US security and identity manager WiseKey has introduced WisePay, a mobile payment system for unbanked populations. WisePay offers a platform to enable anyone with a mobile phone to carry out transactions, even if they dont have a bank account The system, based on WiseKey technology, allows financial institutions, mobile operators, e-commerce and catalogue retailers to provide customers with universally trusted services through the most common and secure channels

By Sarah Fitzmaurice

US security and identity manager WiseKey has introduced WisePay, a mobile payment system for unbanked populations.

WisePay offers a platform to enable anyone with a mobile phone to carry out transactions, even if they don’t have a bank account.

The system, based on WiseKey technology, allows financial institutions, mobile operators, e-commerce and catalogue retailers to provide customers with universally trusted services through the most common and secure channels.

“It is estimated that only one billion people out of the world’s nearly five billion mobile device users have bank accounts, but these people need a way of sending money to peers,” said Carlos Moreira, CEO of WiseKey.

“In addition to the ‘unbanked’, there are the ‘underbanked’—those who have inaccessible bank accounts, as branches and ATMs are rare in many emerging economies.”

In 2008 WiseKey and eight Clinton Global Initiative (CGI) members committed to bringing mobile banking to millions of people in 2008 and WisePay is the result.

Other members of the CGI include the GSMA Development Fund, a grant from the Bill and Melinda Gates Foundation, Western Union, MPower and Ventures and Women’s World Banking.

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