Notice: This post is a sequel…Please read Chapter I if you haven’t…


E-Money features the following properties:

  1. It’s a Claim to an issuer,  created with value not less than the funds received in exchange for the issuance.
  2. It’s stored in an electronic medium.
  3. It’s a means of payment for undertakings other than the issuer.

Electronic Money is in fact a genuine Payment System, comprising an issuer, purseholders/consumers, and a network of Merchants.

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One of the most important endeavors I’ve worked on recently is a FINANCIAL INCLUSION MODEL, otherwise known as FIM. This model goes far beyond current technology to define the components of a seamless approach to managing the complexities of a new Acquiring Model.

By elaborating a solution from the Economic and Financial System standpoint, the FIM contends it lays the foundation for common Payments Standard to build all future Mobile Ecosystems and sets the path to expanding the current financial payments schemes without losing its purpose.

The FIM’s purpose is to achieve TOTAL FINANCIAL INCLUSION. There is only one absolute prerequisite. All users must have access to, at least, a low bred feature phone. Once they have this: (i) They will be able to open FI account on the fly, straight from their phone; (ii) They will be able to load their e-Money Purse at thousands of endpoints (agents), and they will be able to save and borrow directly from their phone… Furthermore, dynamic scoring will determine “marketing offers sizes” on the spot and people will have access to Savings and Credit a few days after starting their account.

The FIM allows anyone with a feature phone (smart phones included) to initiate a (mobile) Bank Account directly from their device in an unattended transaction. The account resides in the e-Money Management System. An Agent Network features the Bridge-To-Cash Component which allows users to de-materialize cash by (i) Either cashing in at agent station, or (ii) receiving a Transfer from another e-Money Account Bearer. The Bridge-To-Float component seamless integrates the current banking and Payment system into the e-Money Ecosystem allowing banked and un-banked population to execute transactions in tightly-knotted ecosystem.

The FIM will show how today payment instruments, including cards and cash, will become obsolete in the face of the evolving solution presented in the model.

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