CardPlanet Solutions has recently developed Pesacard. Pesacard which simply means “money-card” is an electronic wallet linked to mobile money. Pesacard a financial empowerment tool for children and youth. The product is targeted to in- school youth who receive regular cash transfers from parents or other care givers.The product aims to;
Make it possible for parents to send money directly from their mobile money accounts like M-PESA to students in school who have no mobile phones and mobile money accounts
Provide a secure way of keeping money to youth
Promote accountability and saving culture among youth
Promote financial inclusion among youth
Components of the solution and how it works The solution consists of the following technologies;
Smartcards(NFC/Chip and PIN);branded with the card holders details to also act as an Identification document
Point Of Sale(POS) terminals
Web based application(cloud based back-end solution)
Short Message Service( SMS) alerts
Both parents and students/children are registered on the system
Each parent has an account linked to his mobile phone number
Each student is issued with an NFC smartcard and PIN number linked to an account number
Parents load their mobile money accounts and transfer the money to their children using their phones via SMS
The children can then access their money money through a POS terminal device located at the school either as cash or by making payments
Our web-based application allows the school to register and manage the system Parents can also check card balances
The issued card also bears the details of the student/child an can therefore be used the school identification card.
The system is highly intergratable with other third party platforms like banking and loyalty programs. Costs In our tentative model ;
It costs the school nothing to have the system deployed however the school is expected to facilitate the adoption.
There is no charge to the chidren not even the transaction fee.
Parents are charged a transaction fee when loading the cards
The students are required to pay for the cost of the card.