Mobile money has taken off in a big way as can be
seen by the relentless advertising by NCB
Quisk on Television as I'd pointed out in Kelroy's Geezam blog article entitled “NCB’s
Quisk Mobile Money off to a good start in Jamaica”.
The Company is touting their product as the way to
go when doing Mobile money transactions as the video below shows.
The Mobile Money Platform enables anyone to send
money as simply as one can send a text message as pointed out in the article “War
of the wallets: Quisk and Mozido face off”, published Sunday, September 04,
2016 by Avia Collinder, The Jamaica
Observer.
The Platform enables the account holder to conduct the following transactions:
1.
Send and receive funds
2.
Make purchases at
authorised merchants
3.
Add or withdraw money
from ATM
Yes, you read that right; you no longer need your
NCB Debit Cards, as you can use Quisk to withdraw cash as I'd predicted in my Geezam blog article entitled “NCB launches Mobile Money
using cellphones with ATM withdraw coming”.
Quisk CEO Steve Novak is quick to point out that you
don't need mobile Internet on your smartphone, just SMS, to deliver a wide array
of services, quote: “[Quisk] is a next-generation mobile money platform capable
of supporting a wide array of transaction types and backed up by cutting edge
security features. We set out from the very beginning to deliver a product that
would work for as many Jamaicans, on as many different devices or networks as
possible, through a broad range of transaction types — that is what makes Quisk
so unique.”
Mobile money deployments are on the rise in Latin
America, the Caribbean with 58 deployments and 146 in Africa.
However, Quisk has the distinction of being one of
few that offers full service on feature phones as well as smartphones, to quote
Steve Novak: “Almost all mobile money systems handle P2P (person-to-person)
transfers and the majority even support cash in and cash out from merchant
agents, but the number that operate fully on feature phones rather than
smartphones anywhere in the world or can be pushed to point-of-sale terminals
at the registers of merchants like MegaMart or Island Grill so users can pay at
the register, is less than 10”.
Quisk is now the only other Mobile Money Platform in
Jamaica after CONEC Mobile Wallet,
which is being used by JPS Co for Bill Payment on their Smartmeter Platform
rollout as noted in my blog article
entitled “How
US$5 million “JPSCo smart meter rollout means CONEC Mobile Money for Tesla
Motors Charging Stations”.
But how does one conduct a Quisk NCB Transaction?
And is it easier than a CONEC
Mobile Wallet, which is set to go islandwide thanks to JPS Co?
NCB
Quisk vs CONEC Mobile - Which one is Free to use
Quisk offers four (4) free services:
1.
Cash in
2.
Cash Out
3.
Retail payments at
local merchants
4.
P2P (Person to
Person)
Good to note that cash out attracts a 1% charge on
the amount being taken out, which is basically JA$1 for every JA$100 withdrawn.
CONEC
Mobile Wallet, on the other hand, offers seven (7) services and they are
not free:
1.
Cash In is free
2.
Cash Out has a flat
rate of JA$25.05
3.
Telephone top-up is
free
4.
Bill payment has a
JA$34.95 charge
5.
P2P cost between
JA$11.65 and JA$139.80
6.
Inter-account transfers
cost JA$11.65
7.
Retail payments at
local merchants cost JA$5.83
So NCB Quick has fewer services than CONEC Mobile Wallet. But most of NCB Quisk’s services are the ones I want
right now and are essential free.
NCB
Quisk vs CONEC Mobile - Which one is Free to use
CONEC
Mobile Wallet uses a website accessible on desktop, laptop or an app on
their tablet and smartphones, meaning you'll have to use a Wi-Fi Connection to
do a transaction. The CONEC Mobile
Wallet will easily use up your Data Plano; Wi-Fi is the preferred way to
access the CONEC Mobile Wallet
services.
Quisk is SMS-based and thus only costs the user JA$6
to send a text message to a specified phone number to do transactions.
The signup for CONEC Mobile Wallet vs NCB Quisk is slightly different, with
both requiring you to actually go to a physical location.
In the case of CONEC Mobile Wallet, you visit one
of their 120 agent points with the following documents:
1.
Valid GOJ ID i.e.
(driver’s license, passport, national ID, school ID, work ID)
2.
TRN (Taxpayer
Registration Number)
To setup the CONEC Mobile Wallet Account
requires the following steps:
1.
Complete and submit the
paper-based application form to a customer service representative
2.
Install the CONEC Mobile Wallet App CONEC app
or web portal
3.
Enter the activation
code received via SMS
4.
Create a password, PIN
and secret word for their account
NCB Quisk,
on the other hand, requires that you visit one of 10 NCB locations with the
following documents:
1.
Valid GOJ ID i.e.
(driver’s license, passport, national ID, school ID, work ID)
2.
TRN (Taxpayer
Registration Number)
To setup the NCB Quick Account requires the
following steps:
1.
You then visit the
Quisk Portal
2.
Select the ‘Sign up’
option
3.
Complete and submit the
form
4.
Receive a temporary
registration code via text
5.
Log into Quisk portal
using their mobile number and temporary registration code
6.
Change your PIN
Clearly NCB
Quisk is less hassle, as CONEC
Mobile Wallet uses paper.
Now to use your mobile wallet to send Cash as the
commercial above shows!
NCB
Quisk vs CONEC Mobile - Which one is Easier to Transfer Cash
Again both CONEC Mobile Wallet and NCB Quisk in how you can achieve this.
In the case of CONEC Mobile Wallet, you use the
following steps:
1.
Log into their wallet
2.
Select ‘Transfer –
third party transfer’
3.
Select from list of
previous recipients or add new
4.
Enter amount to be sent
5.
Confirm amount and
recipient
6.
Enter PIN.
7.
The recipient has the
least work to do, as they just receive the cash sent.
In the case of NCB
Quisk, you use the following steps:
1.
To send cash one will
text send + amount to (876)835-7879
2.
Receive a call
requesting that you enter your PIN
3.
Receive a ‘Get Money’
code to be sent to the intended recipient
4.
Send this code to the
recipient to collect the money sent
5.
Receive a text advising
that the money has been collected by the recipient
Please note that in both Mobile money systems, you
have to visit the customer service line for each service to add cash to your
account in order to conduct transactions.
As it relates to how much money you can send and
receive, the BOJ (Bank of Jamaica) has set the limit in two (2) tiers:
1.
Tier 1 - JA$50,000
requiring a valid ID and TRN
2.
Tier 2 - JA$100,000
requiring a valid ID, TRN and proof of address
3.
Tier 3 - JA$150,000
requiring a valid ID, TRN, proof of address and proof of income
Spending or Transaction limits are also dictated by
Tiers created by the BOJ:
1.
Tier 1 - JA$15,000
2.
Tier 2 - JA$40,000
3.
Tier 3 - JA$53,000
So if I had a choice, despite CONEC Mobile Wallet having more
service points and service than NCB Quisk,
I’d choose NCB Quisk due to their
basic free but sms-friendly operation.
Here’s the
link:
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