In a global climate of patterns’ shifts towards digitization, Mountasser Hachem, chief executive officer and founder of Monty Mobile, entered the world of FinTech on solid grounds through innovative products revolutionizing financial concepts to introduce them into the Telecom industry and accompany modern high-tech trends.
Hassan Mansour, general manager at Monty Mobile gives the rundown on the company’s latest portfolio.
How is Monty Mobile revolutionizing mobile payments in the telecom industry?
Following Monty Mobile’s active role and commitment to integrate a wide community into the financial world through various aspects, we launched Monty Virtual Credit Card (MVCC). We are moving forward to implement virtual credit cards’ perception to the Telecom industry. Virtual cards are witnessing growing demands worldwide and are broadly recognized by numerous suppliers that accept any form of physical cards. With our MVCC, mobile operators can now provide their subscriber base with a virtual and digital service to make instantaneous online and electronic payments.
The economic environment today requires businesses and individuals to evolve and adopt technologies that contribute to increased efficiency and a better management of their daily lives, save time and streamline procedures. From now on, visiting traditional banks’ sites will not be a prerequisite anymore to access the MVCC.
What are the fundamental trends characterizing Monty Virtual Credit Card (MVCC) issuance compared to traditional virtual cards?
Virtual credit cards are not a new concept. However, the modernization stands at shifting and implementing this technology to Mobile Operators who will be managing and offering their subscribers this new line of product, thus conveying an original experience at their users’ hands. It is a new opportunity for the telecom industry to expand and strengthen its activity in FinTech services.
The MVCC follows very simple issuance procedures easing the long norms and requirements imposed by any traditional bank. The process is transformed to a fully digitized chain. Based on a progressive subscribers’ statistics and behaviors analysis, MVCC is offered to eligible users based on an advanced credit scoring. Qualified clients are then embarked through a mobile application to fill a quick KYC form which is automatically redirected to a local bank for a full background scan and profile verification approval before access to our virtual card. This simplifies an entire old-fashioned course of visiting banks, opening numerous accounts, filling tons of forms and many endless procedures before receiving any credit facility.
What are the key features offered by Monty Virtual
Credit Card (MVCC)?
As a modern payment alternative, MVCC has many innovative features creating a secure, simple and straightforward experience. It allows users to complete their purchases from their smartphones instead of using physical cards. It can save the stress of carrying a wallet around. Fully digitized and stored in users’ devices, MVCC reduces risks of fraudulent crimes and thefts. It could even be locked from users’ devices in case they are concerned that their accounts have been compromised.
In addition, it could be complemented to any existing and new financial services or loyalty programs that operators intend to offer, thus aiming at creating improved incentive and better experience for their subscribers.
Why did Monty Mobile choose to enter the FinTech industry?
Today, FinTech is a sector experiencing exponential growth and witnessing exceptional flow of interests influencing many businesses from diverse industries and backgrounds. The future lies in this sector which complements many industries in their day-to-day operations. Fintech solutions are generating increased awareness by end-users and are becoming an inseparable part of their daily routines.
It is a challenge for us to seize this trend and create a bridge that links our industry as well as mobile operators’ needs to customize consumer needs. Thus, paving the way for development of new pioneering products and new market reach. Even though mobile operators and FintTech originate from different environments, they complete each other to deliver new facilities for their clients and to expand the industry towards better prospects.
The banking sector is taking a new path worldwide. Given the population’s structural behavior change, a younger population is driving the demand for new approaches to tackle financial needs that go beyond traditional banking concepts. And this will not stop at this point. Rising initiatives for digital transformation of financial needs and the extensive use of smartphones are key factors to accelerate use of FinTech products.
Endless evolution and the desire to exceed our clients’ expectations shaped our foundation of sustained growth. With a resilient talented team, we cannot but expect outstanding outcomes.