CodaMation developed Monedero Online, Argentina’s first mobile wallet
CodaMation – an Argentine-based mobile money enabler dedicated to the development and commercialization of operating mobile wallets to financial institutions, MNOs, OEMs, retailers, service providers and technology companies in Latin America and the Caribbean – announces it has crafted a full-fledged online-mobile transactional solution for Monedero which has recently been launched to the market, although with limited features.
With more than three million users, Monedero is Argentina’s leading contactless card for urban transportation and micro-payments in merchants and retailers (drugstores, coffee stores, gyms, cinemas, toll booths, restaurants, etc.).
CodaMation designed Monedero Online’s platform in order to allow the company to achieve the following business objectives: client acquisition; increase in nominated users; boost transaction volume and average value; exploit the remote transactions’ segment; expand product and service offering and enhance user value proposition; simple integration with merchants, retailers and third parties for efficient joint product development and launch; enlarge agent and merchant network while minimizing CAPEX requirements.
The solution is based on a prepaid, unbanked, online account which can be loaded physically, in cash, in Monedero’s agent network, by means of a money transfer from a bank account or by credit card. These funds can be used, among other services, to make P2P transfers, mobile top-ups, bill payments, in-store and remote purchases, and online transactions. From their mobile app, users can also transfer money to their Monedero’s contactless card and locate agents and merchants belonging to the company’s network.
Following a sequential and incremental product launch strategy for smoothing users’ learning curve, Monedero has only launched the wallet’s QR shopping feature by which users can purchase and pay for products and services advertised in billboards, newspapers, magazines and other printed and online media by scanning the related QR codes. This feature allows merchants and retailers to open new sales channels (“virtual aisles”), multiplying them exponentially and with minimum associated costs.
The solution is available for smartphones (iPhone, Android and Blackberry) and feature phones with camera and compatible with Java applications. CodaMation also provided Monedero with a robust back-office platform, integrated to its mobile wallets, for the administration of the store value accounts and the different transactional services linked to them.
Founded in 2005 in Argentina, CodaMation is a mobile payments industry pioneer dedicated to the development and commercialization of operating mobile wallets to financial institutions, MNOs, OEMs, retailers, service providers and technology companies in Latin America and the Caribbean.
Codamation collaborates with its clients in the development, launching and operation of massive-reach mobile wallets and in the conformation and boosting of their microfinancial ecosystems, providing state-of-the-art mobile technology and tools for efficient third-party integration. It also provides robust back-office solutions, integrated to its mobile wallets, by partnering with top-notch technological companies.
Its wallets can be accessed, in a fully secure fashion, from the different available mobile channels (apps, USSD, mobile web, SMS, etc.), as well as online, and possess a wide variety of transactional features, including in-store payments, P2P transfers, international remittances, bill payments, mobile coupons, loyalty programs, airtime top-ups, online purchases, etc. The wallets are associated to a store value account which can be linked to credit cards and bank accounts or loaded by cash-ins in agent networks (in case of unbanked users).
Although CodaMation covers every mobile channel, it is deeply specialized in cross-platform, downloadable applications. After years of heavy R&D investment, it has developed a WORA (Write Once Run Anywhere) mobile transactional framework which enables its wallets to run smoothly in every handset, smartphone or feature phone, despite of OS, brand, screen size, etc., assuring maximum security levels. This framework gives CodaMation the opportunity to provide non-smartphone users – typical of developing countries – with compelling UXs.
The company initially received a $6.5 million first-round investment from Argentine conglomerate Grupo Roggio which was dedicated to the development of commercial and financial mobile transactions’ technologies. In 2011, CodaMation will reach $1.2 million in revenues from its mobile wallets business. Currently, it is in the process of raising a second-round investment to finance an aggressive commercial expansion in the region.
For more information, please visit www.codamation.com