P2P Cash Trusted Agent Network (TAN) Turns Corner Retailer into Corner Banker
In keeping with the overall P2P Cash goal of providing low cost mobile financial services to 3 Billion underbanked consumers, the Trusted Agent Network (TAN) seeks to provide consumers a network of “Trusted Agents” with whom he/she can open a new mobile banking account, deposit/withdraw cash and access financial services such as microloans, insurance and cash transfers.
The P2P Cash overarching goal is to provide Financial Services to the underbanked worldwide by turning the corner retailer into the corner banker. Consumers worldwide all have cash. Due to poor financial services infrastructure, the consumer lacks access to electronic banking services such as retail/online debit card acceptance and ATM facilities. Through secure mWallet software downloaded to the retailers’ cellphone, P2P Cash turns the retailer into a Trusted Agent enabling his customer to deposit/withdraw cash to/from ANY third party bank account or mWallet. The Retailer’s cellphone acts as the record keeping mechanism with a copy of record of the transaction available to the consumer’s cellphone. Now the retailer can provide the consumer a means to either Get/Send Cash to facilitate an international remittance and/or online purchase transaction.