Page 70 - State-of-the-Industry-2013

State OF the induStry 2013

mobile insurance mobile insurance uses the mobile phone to provide microinsurance services to the underserved.

mmu tracks mobile insurance services that meet the following criteria:

• the service must allow subscribers to manage risks by providing a guarantee of compensation
for specifed loss, damage, illness, or death.

• the service must allow underserved people to subscribe to insurance services easily using a
mobile device. Services that ofer the mobile phone as just another channel for the clients of
an insurance company to access a traditional insurance product are not included.
• the service must be available even to customers with basic mobile devices.

mobile money mobile money uses the mobile phone to transfer money and make payments to the underserved.

mmu tracks mobile money services that meet the following criteria:
• the service must ofer at least one of the following services: P2P transfer, bill payment, bulk
payment, merchant payment, and international remittance.
• the service must rely heavily on a network of transactional points outside bank branches that
make the service accessible to unbanked and underbanked people. Customers must be able to
use the service without having been previously banked. Services that ofer the mobile phone
as just another channel to access a traditional banking product are not included.
• the service must ofer an interface for initiating transactions for agents and/or customers that
is available on basic mobile devices.

mobile money account / an e-money account that is primarily accessed using a mobile phone that is held with the e-money
mobile wallet issuer. in some jurisdictions, e-money accounts may resemble conventional bank accounts, but are
treated diferently under the regulatory framework because they are used for diferent purposes (for
example, as a surrogate for cash or a stored value that is used to facilitate transactional services).

an active mobile money account is a mobile money account that has been used to conduct at least
one transaction during a certain period of time (usually 90 days or 30 days).

mobile network a company that has a government-issued license to provide telecommunications services through
operator (mno) mobile devices.

of-net transfer there are two types of of-network transfers: transfers that are initiated by registered mobile
money users to unregistered users, and transfers between two accounts of diferent but intercon-
nected mobile money schemes. in the former case, the e-money will need to be cashed-out at an
agent of the sender’s agent network.

over the counter Some mobile money services are being ofered primarily over-the-counter (OtC). in such cases, a
(otc) services mobile money agent performs the transactions on behalf of the customer, who does not need to
have a mobile money account to use the service.

person-to-person a transfer made from one person to another person.
(p2p) transfer

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