|Description||Mobile money platform|
iMoCu Corporation is a New York-based mobile technology startup that has developed a revolutionary new global mobile money platform that facilitates retail and ecommerce merchant payment solutions, peer-to-peer payments, and global remittance services. They also offer their mWallet, a complete end-to-end payment solutions mobile wallet, as a stand alone product.
Their proprietary patent-pending platform, known as the MCP Platform, is a debit-based global money-over-SMS platform that reaches all SMS-enabled phones worldwide, not just smart phones. This gives them a substantial advantage over other mobile payment technologies that are app-based and work with less than 20% of the world’s mobile phones.
Another key feature of their platform is the ability to load cash into their system at any of their loading locations. They are currently growing this network of loading locations by integrating well-established banks and merchants into their platform using proprietary patent-pending software developed in-house. Their ability to bring cash to the online and mobile communities without expensive hardware networks to manage gives them a tremendous competitive advantage over other cash loading systems.
Global connectivity and intercommunication within their platform is facilitated by a patent-pending text messaging technology they developed in-house. This gives their platform the ability to send and receive messages globally without having to navigate the costly and non-standardized obstacles of international text messaging currently presented by cellular network operators. Users of their platform and wallet can benefit from this feature with the ability to send and receive text messages anywhere around the world without incurring international pay-per-message charges.
The mWallet, which can be topped off using cash at any of their physical loading locations or linked with a bank account for added convenience, is currently integrated with two major reloadable debit cards and popular ecommerce shopping carts to provide immediate traction for their product. Their wallet also allows for instant and secure global P2P money transfers on any SMS-enable mobile phone. At non-participating retail and ecommerce merchants, users can instantly move money back and forth on to their iMoCu debit cards to facilitate conventional payments. At mWallet participation retail locations and ecommerce sites, users enjoy the added privacy and security of completing transactions with point-of-use “buy codes” generated and controlled on their personal phones. No credit card or billing information is shared with the merchant, making the mWallet a major safeguard against identity theft and fraudulent charges, and virtually eliminating merchant charge-backs.
The MCP Platform and mWallet are fully operational in the US and are projected to be live in 25 other countries by Q1 2014. iMoCu currently has over 6000 physical loading locations throughout the US and launched their pilot merchants program in September 2013. Their platform can also be integrated to power other systems and provide global enterprise solutions for businesses seeking to enter or expand in this sector.
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