P2P Cash seeks to provide MicroFinance infrastructure to 3 billion unbanked individuals globally with its virtual technology.
These consumers already have a cellphone or access to a cellphone, but lack access to traditional banking. The Company is working with the World Bank and Grameen Foundation to help set mobile banking standards that will lower the cost and widen the access to provide a broad range of financial services to the unbanked.
P2P Cash’s key competitive advantage over Western Union and Money Gram is its ability to grow its Trusted Agent Network (TAN). Competing money transfer systems require an expensive computer, cumbersome paperwork and, most importantly, a physical telephone landline; very difficult and costly to obtain in developing countries. Due to these constraining factors, the growth rate of their agent networks has declined by over 50% the past three years. To become a P2P Cash TAN Agent, a retailer simply needs a cellphone and government-issued identification.
The P2P Cash TAN Network offers transaction and deployment costs at a fraction of current market outlays and affords a high degree of reliability and security with guaranteed payments. Consequently, it delivers the essential elements for a potential industry standard capable of addressing the crucial needs of quick availability of funds, security and low consumer cost.
Characteristically, the Company’s target retailers’ customers emigrate from the world’s fastest growing countries where the majority of mobile phones are sold: India, China, Philippines and Latin America. These countries are known to lack widespread electronic banking and retail payment infrastructures and, by Western standards, have extremely low credit card penetration and usage levels. Worldwide, the unbanked consumer base with ready access to mobile devices and cash exceeds three (3) billion.
P2P Cash is prepared to meet these vital consumer needs, facilitate economies of scale and create a viable network of Trusted Agents (TAN) by providing a free mobile banking mWallet application to retailers worldwide and integrating widespread retail distribution channels into a common network aimed at providing mobile device users with inexpensive mobile financial service.