Cell phone as e-wallet

THE use of cell phones as electronic wallets will soon make financial transactions easier for many Papua New Guineans who do not have access to banking services.
This mode of payment is the product of many years of development of MPowa mobile applications, which is a division of IT and telecommunications company Data Nets Ltd.
Launched last Tuesday, it has been considered as a major international move towards providing cell phone users with the ability to carry out simple financial transactions.
This system was trialled in Kokopo, East New Britain.
Data Nets managing director Sundar Ramamurthy explained that at present, the MPowa application operated through a partnership with Post PNG, SVS Harbour City and Digicel
Using cell phone or e-wallet, MPowa allows the transfer of money from one person to another, the payment of goods and services at SVS Habour City, the withdrawal of cash at Post PNG and even the payment of salaries for teachers and rural health workers who have no time to visit the nearest bank.
It also allows one to top up Digicel airtime.
Ramamurthy said after five years of development, this project would begin in Port Moresby.
He stressed that the payment system was not a banking system.
The system is PIN-secured for both customers and merchants in case the cell phone has been stolen or damaged.