Smartphone users can now bid goodbye to having a thick wallet crammed with cards, vouchers, and cash. Singapore-based Mobile Media Creations (nicknamed M2C) has launched a new product, MOGi Mobile Wallet, which allows users to pay for goods and services using their phone and to store things like discount vouchers and loyalty cards in one convenient, virtual space. The M2C CEO Rashad Budeiri explains:
There is a stark absence of mobile payment applications available in Singapore. Together with a 72 percent smartphone penetration in the local market - with 68 percent being iOS and Android users - MOGi serves as the perfect tool for partnering merchants to engage with and deliver their latest offerings to the consumers.
Compared to other loyalty-card mobile apps in the region (such as Perx or Squiryl), MOGi sets itself apart by allowing users to engage in cashless transactions with MOGi partner merchants. Users can pay for their goods or services by purchasing the merchant’s vouchers or prepaid cards via credit card or Paypal ahead of time, and store them in their virtual mobile wallet. There is no worrying about insufficient cash in your wallet, or misplacing paper vouchers. Consumers nowadays might also face the problem of forgetting the expiry dates of their vouchers, and so the MOGi app is able to tackle the issue by sending out notifications to alert users before any of their coupons expire. Furthermore, by purchasing prepaid cards with the listed merchants, users can receive instant rebates and discounts. Payment transactions are made by scanning of a QR code at the merchant’s MOGi terminal. If you have mobile internet connection issues, however, it might not work. Can’t decide what gifts to get for your friends? MOGi also has social media features that allow users to receive birthday reminders, send or receive messages, and also create their own personal wish lists to share with their friends. Users can also purchase vouchers or prepaid cards for their MOGi friends instantly via the application. However, the wish list items are strictly limited to products and services provided by MOGi merchants. In the near future, MOGi plans to launch real time payments beyond the current prepaid methods. This will allow users to pay in real time, without having to buy a voucher or top up a prepaid value card in advance. There are also plans to introduce more social features like geo-fencing to allow users to find nearby deals. Currently MOGi is free for download for iOS and Android. Merchants who wish to integrate MOGi into their business will require a special Point of Sale (POS) tablet that will be offered to merchants at no cost for the time being.