Jan 2017 Financial News

GK set to launch mobile money product - GK MPay

Jan 25, 2017

GraceKennedy subsidiary GK Money Services Ltd, which will in February launch its mobile money product, GK MPay, indicates that it expects to compete strongly around the issue of security.

GK’s competitors in the mobile money market are Quisk, currently used by National Commercial Bank, and Conec, a mobile wallet developed and marketed by the Jamaica Cooperative Credit Union League.

CEO Don Wehby said Monday, “GK MPay…is compatible with most phones and both mobile networks. It is also extremely safe, as customers won’t have to worry about losing their money if they lose their phones as the service is properly encrypted. It is so easy to use that even those who are not as technologically savvy will find themselves understanding it after the first use.”

To be launched on February 7, the product allows transfer of cash to any other person with a mobile phone; pay their bills; top up any pre-paid mobile phone and pay for goods and services, and has a wallet limit of $150,000, similar to other mobile money products on the market.

Like its competitors, GK is awaiting the green light from the central bank to add remittances to the suite of products offered, a development which might provide yet another competitive advantage.

GK, through its partnership with Western Union, dominates more than 50 per cent of the remittance market from its network of some 150 locations.

The group CEO commented, “At this time customers will not be able to receive remittances through GK MPay, as we are still awaiting regulatory approval from the Bank of Jamaica. However, as soon as that becomes available it is a service that will be offered.”

GK MPay works on all smartphones, irrespective of mobile carrier or via short code (USSD) on FLOW phones.

Customers register by going to a GK MPay agent (participating Western Union location) with their government-issued photo ID; their Taxpayer Registration Number (TRN) and their mobile phone.

Wehby indicates that registration is free to all customers, while service fees — which range from free to $150 — depend on what the customer is doing.

Wallet limits are set by the Bank of Jamaica and range from $50,000 to $150,000.

GK MPay, the entry level wallet termed the bronze tier, has a limit of $50,000 — with customers being allowed to spend up to $15,000 per day. The mid-range wallet, termed the silver tier, has a limit of $100,000 — with customers being allowed to spend up to $40,000 per day; while at the highest level - the gold tier, the limit is $150,000 - with customers being able to spend up to $50,000 per day.

Wehby declined to share the amount invested in the roll-out of the mobile money product, noting, “We have invested significant sums in developing and testing GK MPay, which we are sure will become a game changer, as persons will enjoy a safe, easy and quick way to move money.”

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter
Jamaica Observer
Wednesday January 25, 2017    

http://www.jamaicaobserver.com/business/GK-set-to-launch-mobile-money-product---GK-MPay_87469