Mobile Payment Platform Cheers Global Wallet Taps Underbanked Population; Get paid for anything you do on Mobileby Fintech News Singapore June 22, 2017
Singapore-based Cheers Now and its Global Wallet is tapping into a greenfield opportunity in Fintech through a rich mobile money ecosystem that enables app developers to financially connect global users within their platforms.
This will enable users of any app to transfer money between each other and further redefine interactions beyond smileys and likes. Think of writing a relevant restaurant review and getting paid a $1 for it; or get paid directly from other users when revealing your phone number on LinkedIn or Tinder.
Cheers Global Wallet
Real-time transfers coupled with global scalability and micro transactions are a powerful combination to unlock a range of new opportunities, including income opportunities for millions of individuals and micro-businesses.
Today, the financial services sector is highly fragmented with over 30,000 banks and countless mobile wallet providers. This fragmentation inhibits developers with a global user base from building scalable features using mobile money. Cheers Global Wallet aims to solve this problem by providing a globally compliant mobile money service that is powered by scalable, bank-grade technology.
“Unlike crypto-currency-based solutions, we have chosen to operate as a fully regulated financial institution as we believe this to be key in driving sustainable innovation and building trust, especially in emerging markets”,
Gregor Arn, the founder of Cheers answers to Fintechnews.
Cheers Global Wallet acts as a universal mobile money platform that is catering to the needs of both developers and wallet owners.
For developers, its Software Development kit allows them to integrate mobile money into any app, opening the doors to new, inventive monetization models and engagement opportunities. Developers using the Cheers money platform are instantly part of a global ecosystem. Cheers Global Walletfurther aims to dramatically change the dynamic of customer acquisition costs. By making transactions within the app contextual, it opens up the opportunity for app developers to create a more relevant relationship with their user base.
For end users, anyone, anywhere, can have a personal wallet which can be used to easily and conveniently send and receive money. There is no need to download a new app. You may start by having a wallet embedded in one app, but by virtue of belonging to the Cheers ecosystem, your Dollars, Euros, Rupees, Pesos are available on other platforms. Say a person downloads a messenger and automatically gets an embedded wallet within the app.
The same person downloads a game app, which also comes with an embedded wallet. The balances of the two wallets are kept separate, however, the user has the option to merge the wallets and hence consolidate their balance. Cheers makes money truly mobile as it offers methods to add money to and withdraw money from wallets anywhere in the world, in any currency, including cash. These wallets do not need to be linked to a bank account or credit card, giving the solution a unique prospect for lower income and unbanked populations.
Impact beyond Financial Inclusion
Global peer-to-peer payments are set to reach a record of US$1 trillion by 2020 from today’s US$530 billion market. The trend will likely accelerate with the increase of international mobility, the rise of C2C services, and the smartphone surge. By 2020, there will be an estimated 5 billion smartphones.
Digital technologies have spread rapidly in much of the world. In particular, the spread of mobile technologies, mobile network coverage and mobile-based financial services in developing countries have been considered as a game-changer in global financial inclusion efforts. “Financial inclusion is a big topic, but we believe there is another aspect that gets frequently neglected: financial empowerment – that is, giving people an opportunity to earn money and to participate in the global digital economy,” Gregor Arn says.
Cheers Global Wallet has been experimenting with contextual money transfers in emerging markets since 2014. They have piloted products in areas where no one has been looking yet and the team is ready to turn this knowledge into a scalable business.
Cheers will be the gateway for seamless money transfers, including micro amounts, between anyone, anywhere.