Introducing Hypermedia’s new service – “HyperWallet”
What is Hypermedia’s “HyperWallet” service, and how do I implement it to meet my needs.
In developing countries, mostly African ones (India as well), banking services are rare to find. People who need an immediate access to cash to manage their physical transactions are in a continual problem.
Whereas many countries replaced the need for holding physical money with advanced digital transactions through the internet, developing countries sometimes suffer from partial, slow to non-existent internet coverage.
Mobile Payments using USSD Transactions
For these above reasons, USSD transactions are a perfect solution. USSD transactions are mostly used in these countries to transfer air time banks and bandwidth balance between people.
Another new development of USSD transaction is its usage to achieve “Mobile Payment”.
Mobile Payment is a fairly new service, refers to payment services performed from a mobile device. Instead of paying with credit cards, cash or cheques, the consumer can utilize his cellphone to pay for purchasing goods or simply transferring money between people – in a variety of methods.
One method we would like to discuss here is USSD transactions. The implementation of USSD in this manner is quite simple. The sender sends a transaction order through USSD (for instance) by using the recipient’s number (and some more parameters) in the transaction order.
The “Mobile Payment” service can be done while the mobile device communicates with formal banking services, and that’s what is commonly called “Telephone Banking”. In this method the bank links bank accounts to a phone number as an identifying method.
Mobile Payments can also be done independently from the bank, in some services such as “Orange Money” and many other popular ones. These services are referred to as “unbanked” or “underbanked”.
This ability transforms the cellular phone into an advanced electronic wallet. Whereas some western countries are just making the transformation to electronic wallets, in these developing countries, mobile payment and e-wallets have been a reality for many years.
Shortcomings of USSD transactions
This feature works great when performing casual transactions here and there, but when dealing with a mass amount of transactions, some drawbacks arise.
As mentioned above, one must physically type the USSD code in his cellphone to make a transaction. This code is long, complicated and prone to typos and errors. When dealing with a large amount of transactions daily, this issue becomes intolerable.
Another issue relying on manual input, is the risk of having a worker literally steal your money. As your cellphone functions as a wallet, anyone with access to it can secretly send a transaction to his own number. For a business, manual transactions are just not secure enough and for that matter not practical.
There are some cellular operators who provide API access to their servers, allowing people to develop applications to handle all the transactions automatically. But not all the operators provide this API access, which makes the transition to automated transactions – virtually impossible.
The solution – HyperWallet
And that’s exactly where Hypermedia’s “HyperWallet” comes in. Hypermedia developed an API, that together with their SimBox solution can operate as a convertor. HyperWallet can send mass transactions, receives the responses from the operator’s gateway and knows how to sort the responses to a relevant “Pass” or “Fail” html output – in reference to the transaction that was made.
HyperWallet can work with multiple protocols, such as USSD, STK and SMS. Its major advantage is that it selects the right SIM for each transaction. If transferring air time to a specific client is cheaper through one operator, it will automatically choose the right SIM for that purpose. If transferring money is easier, faster or cheaper from a specific bank account (linked to a specific SIM) HyperWallet will smartly route the transaction from the right sim, send the right code and sort the feedback to a “Pass” or “Fail”.
This Amazing service also opens many opportunities for small businesses to make their own transactions not having to rely on middle agencies. Many operators wont deal with small businesses directly, because they do not qualify for the minimum amount of transactions required, and as a result refer them to middle agencies who take their cut off the cake.
From now on, it doesn’t matter how big you are or how many transactions you perform, HyperMedia’s HyperWallet will let you deal directly with the operator, saving time, money and hassle.
HyperWallet features and limitations
For a clarification, HyperWallet is not a complete product on its own. It serves as a vital component in any system as a USSD convertor (Pull only), which outputs simple HTML responses. This brilliant product allows its implementation into any existent application easily. It comes with an enhanced API, consists with an enriched set of commands programmed into the SIM, to create an interactive exchange between the network and the end user smoothly and transparently.
HyperWallet API is a JSON-based comprehensive utility which easily enables implementation of applications for the SIM cards in your Hypermedia’s SimBox.
Some examples for implementations of Hypermedia’s HyperWallet:
- A local kiosk selling airtime and bandwidth. With HyperWallet you can buy and sell airtime from customers with a click of a button with full automation. The HyperWallet will automatically choose the right SIM depending in the client’s number.
- Local business can charge and receive money easily and get the reference number for confirmation with full integration with modern CRM systems.
- Local change office can receive money in variety of ways, paypal, wire transfer and many other electronic solutions, and after clearing the transfer, automatically send the amount received to a client’s cellphone (and vice versa) – altering and transforming HyperWallet into a complete Clearing System.
- For an employer, you can pay salaries in bulk payment. instead of typing each transaction manually you can do it with a click of a button.
This solution provides a reliable, better secured alternative to support financial transactions, while providing a powerful set of integration abilities to your business.
- Money deposit and withdrawal
- Money Transfer
- Bill Payments
- Bulk Payments (salaries)
- Airtime transfer / Airtime Top-Up
- Third party application support: HTTP/API
- Maximize interaction with service provider
- Phone-free operation
- Variety of protocols supported – USSD, SMS and Sim ToolKit (STK)
- Multiple operator support
- Multiple parallel transactions support
- A robust queue management and a priority redundancy solution
- highly efficient when Operator’s API support is not provided