Mobinil inks mobile money deal with BNP Paribas in Egypt

Monday 11 November 2013 10:16 CET | News

Egyptian mobile service operator Mobinil has inked an agreement with financial institution BNP Paribas (soon to be Emirates NBD) to launch MobiCash service, allowing customers money transfer transactions.

To subscribe to MobiCash the customer must visit a Mobinil branch and present his National ID to activate the service. The customer will then receive an SMS with a personal confidential password that enables him to conduct money transfer services.

To deposit money (cash-in), the customer should visit a Mobinil branch to feed his wallet. To transfer money from the wallet, the customer enters the dial number of the person he wants to transfer to, then the amount followed by his password to accomplish the operation. Then an SMS is sent to the receiver of the transfer to confirm the transaction. To withdraw money (cash-out), the customer has to visit a Mobinil branch with his National ID and mobile handset to cash-out the amount he wants.

In recent news, French financial institutions BNP Paribas and Societe Generale have joined forces with Frances postal bank La Banque Postale to launch an electronic payments service in a bid to fight already dominant players such as eBays PayPal.

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Keywords: Mobinil, BNP Paribas, Emirates NBD, MobiCash, mobile money transfer service, mobile wallet, cash-in, cash-out, Egypt
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce