with PMT’s money card
Users: Money Transfer Service users and overall public
Model: Commission on the money transferred plus small cost for the card
Use: To allow people that do not have bank accounts, credit cards or access to technology to use PayWithMail with the PMT Money Card to transfer money. The money card allows you to access funds in a single click anywhere in the world. The PayWithMail system combines with the proprietary PMT Money Card, to remove the need for a money transfer agency. The PMT Money card can achieve this because it is much cheaper, faster and does not require any special bureaucracy or office to get or transfer money.
Scope: Millions of dollars are transferred every day from expatriates working in developed countries to their country of origin. These remittances are a lifeline for families and represent an important support for developing economies. The cost of these transfers is high due to a near monopoly of traditional transfer agencies, a complex bureaucratic overhead and the need to be physically present at the agency to make a transfer. At the same time, nearly anyone in the world can have access to an internet café or mobile internet connectivity and can open an email account with PayMyTime. It’s a quick, easy and user-friendly process that does not require any special technical capabilities and takes only a few minutes. Once the user has opened an email account, the user will receive the PMT Money Card, that can be used in any ATM machine and as a debit card to get cash or to pay for goods and services. They do not need to have a bank account, to show passport or fill out any complex. To receive money, they need only invite the sender to send an attached transaction to them via PMT email, to a single recipient or to multiple recipients. PMT Money Cards for each receiver will be automatically credited the amount and the receiver/s can collect the money in their own country in their local currency from any ATM machine.