Yu Cash – another jewel in the mobile commerce platform

Posted on December 20, 2009

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Touted as “The next generation of mobile money transfer“, Yu in partnership with Obopay introduced its mobile payment solution dubbed “Yu Cash” with a promise to transform the way people and small businesses transact.

The standard offerings – deposits, money transfer, cash withdrawal, prepaid Top-Up, Balance Inquiry are included.

Yu tries to differentiate itself from other mobile payment solutions by enabling the money recipient to initiate the transaction which has to be confirmed by the sender. I wonder if the request is precluded by a balance check from the recipient to ascertain whether the sender has funds to send. I think such a facility should be limited to pre-selected members per user if it’s to be accepted by the skeptical Kenyan market.

It also offers transaction history, maybe a web based one? A user also gets an opportunity to add a short message with transactions – for example: a send money instruction for Kes 6000 may include specific instructions such as ‘5000 for fees, 1000 pocket money.
A help menu to enable users receive answers to queries about the service without having to call the customer help line is also included. Users will be able to build their own networks of regular users by sending invitations to their friends and other contacts into the service directly from the menu.

By teaming up with obopay, a reputed international company that facilitates mobile commerce, Yu has placed itself in an enviable place where its mobile commerce offerings may be extended in future to offer customers the ability to purchase goods online with much ease.

Launched in America in 2005, obopay actually has its inspiration in Africa.

The next generation of mobile money transfer is here!
yu – the most affordable mobile network in Kenya in partnership with Obopay (a leading player in mobile banking and payments technology provisioning internationally) is proud to introduce a service that will transform the way people and small businesses transact.yuCash presents a significant step towards delivering universal access to financial services through innovative mobile banking and payments services.

SERVICE OFFERING
Some of the services that yuCash by Obopay registered users enjoy include:

Service Depositing money
The registered user is able to visit a yuCash by Obopay appointed agent and deposit cash into their stored value accounts.
Sending money
The registered user is able to send the funds held in their stored value accounts to other users instantly.
Withdrawing Cash
yuCash by Obopay users with funds in their electronic accounts are able to visit the registered agents and withdraw cash from their accounts with ease and convenience.
Prepaid Top-Up
Registered users are able to buy yu airtime and top up their own or any other prepaid yu line at any time from wherever they are from funds in their yuCash by Obopay accounts.
Balance Inquiry
Users are able to check the balance in their accounts at any time wherever they are.

EXTRAS
In addition to services highlighted above, yuCash by Obopay brings to the Kenyan consumer a unique and innovative range of services that have never been experienced in the local market. These include:

Service Requesting money
This unique feature enables the recipient of the money to initiate the transaction and request the sender to send a certain amount of money. The sender only has to confirm and have sufficient funds to send and the transaction gets concluded.
Transaction History
Each registered user is able to get a complete record of their recent transactions. This enables users to keep a clear track of transactions on their account and eliminate the need to keep a manual record of yuCash by Obopay transactions.
Short Message with Transactions
A registered yuCash by Obopay user gets an opportunity to add a short message with transactions. This unique feature for example enables a sender to include instructions such as ‘5000 for fees, 1000 pocket money’ with a send money instruction for Kes 6000, at no added cost.
Help
yuCash by Obopay users are able to get help directly out of their mobile phone menu and receive answers to queries about the service without having to call the customer help line.
Invitations
The yuCash by Obopay platform provides users with the ability build their own networks of regular users by sending invitations to their friends and other contacts into the service directly from the menu.

Registration
All you have to do is visit a registered yuCash by Obopay Agent with your original ID or passport plus a copy, complete a registration form, sign it and the agent will facilitate your registration process.

You will then be given instructions on how to activate your account and set your PIN. Once activated, your account is ready for use and you can start transacting immediately.

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Posted in: General, M-Commerce