Core-Grade Wallet Solution
Mobile Value Money Systems | Multi-Denominational Wallets
Offering a Value Store Facility to provide financial and loyalty service offerings to corporates and their consumers.
Amethyst™ Product Overview
Amethyst™ enables corporates to create a Value Store for their customers, enabling the management, reporting and spending of either funds, loyalty value or any other dedicated value to be stored.
Amethyst™ – Wallet Solutions
The Amethyst™ Wallet solution provides a sophisticated Chart Of Accounts (COA) that can be configured to suit your transactional needs while enabling core Mobile Money Transfer (MMT) transactions. Wallet technology is essentially a value store against which Debits and Credits move in accordance with required business interactions.
The Amethyst™ system is a powerful alternative payments instrument due
to its highly scalable architecture, agile and rapid ability to bring changes to the
market, as well as facilitating wide‑reaching, low‑cost servicing of consumers.
Loyalty Wallet
Since a Wallet is essentially a value store, Amethyst™ is able to differentiate between currencies and can facilitate Loyalty as a type of Wallet against which functions and transactions can be executed.
Amethyst™ Business Solutions
1. Empowering Female SMEs
Empowering Women as Entrepreneurs
Amethyst™ enables SMEs to earn commissions and fee income from facilitating transactions, while also enabling them to sell their goods and be paid via a Customer’s Wallet into the Merchant’s Wallet.
Many women take advantage of the opportunity to become Agents and Merchants, reducing their cash risk while earning a steady and scalable income from offering the service.
Women are still a largely disempowered and disadvantaged class in society, on which so much of our future depends. With Amethyst™, it takes very little for a vendor to start operations. All that is needed is a GSM-enabled phone, FICA documentation and a willing attitude. Once set up, the Agent can start taking deposits and earning a commission, from there enabling airtime and Withdrawals is a simple matter of time.
Some of the great success stories from the various territories where Amethyst™ has serviced MMT solutions show
women who started as street merchants and, a few years later, own their own stores. Enabling Merchants to take
payments via wallets saves Merchants costs and reduces cash risk.
2. Transactability as a Basic Right
Disrupting the Forms of Transactability
We believe that transactability should be in the lowest of hierarchical needs, right along with access to information and the internet. Transactability pertains both the cost of transactions and the ease of access – making access seamless in the day-to-day journey of the Consumer, Merchant, Agent, and Corporate.
In the payments journey, every party involved does their part and takes a cut for it. South Africa’s National Payment System is one of the leading and most advanced and regulated in the world, and we have protecting legislation and regulations on transaction costs, however, many South Africans still find the traditional instruments too expensive.
With Amethyst™, you control the fee structure, commission structure and prices for transactions, including whether there are any fees at all. This means that the attractiveness for the Consumer, together with many configurable channels – including App, USSD, Card and ATM access – enables both ease of access and control over costs.
3. International Remittance
Accountability & Integrity through Technology™
Some Banks and the SARB define remittance as Cash-to-Cash or Account-to-Cash only. Utilising a Wallet solution to facilitate international remittance will require Reserve Bank approval per territory, as well as logistics and operational
implementations, but the technology is already enabled to facilitate these solutions.
The mechanisms on how this will be managed need to be discussed in terms of retailer integration in the territory, or the use of existing IMV integrations and infrastructure. However, the means to facilitate international remittance and compliance from a technical perspective through a Wallet solution is catered for in the PMT solution set. Amongst others, Amethyst™ can facilitate Cash Out for unregistered Users for remittance as was done successfully in EcoCash.
4. Education Wallet Solution
Amethyst™ provides the means for bursaries to be paid into the Student’s Wallet and sub-divided to ensure that the allocated funds are used as intended into the various sub-Wallets. Once in the sub-Wallet, rules dictate whether money can be moved between Wallets, and what each Wallet can be used for. This means that money for textbooks cannot be used for grocery shopping for example.
In addition, full reporting and auditing of transactions, spend, and appropriation of funds are automatically available to sponsors. Students, therefore, learn to deal responsibly with money, learn to budget, while there is full visibility and accountability in the system regarding the funds.
Furthermore, easy access to payment methods will empower the student to transact using both their mobile interface and the Wallet Debit Card. This will reduce merchant costs for merchants onsite at the university, increase sales volumes and reduce transaction time, while the student can also swipe their card outside of the university merchant network and withdraw funds at ATMs when needed