Phone through funds

If you’re an expat with a mobile phone you can now use this to send money back to your home country, thanks to OneWallet by C-Sam Inc.

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By  Chris Fernando Published  June 27, 2005

If you’re an expat with a mobile phone you can now use this to send money back to your home country, thanks to OneWallet by C-Sam Inc. Branded as ‘UAE Exchange Wallet’, the OneWallet cell phone technology is now available in the United Arab Emirates through UAE Exchange, in addition to India and Japan. “UAE Exchange currently has more than one million customers who regularly transfer funds for their family back in their home country,” said Alphonso Francis, business development manager at C-Sam Dataline. “A transaction that usually takes just three minutes can stretch to an hour if we take into account the time spent at the bank to withdraw money, the travel back to the UAE Exchange outlet, the wait in a queue and then finally the transaction. UAE Exchange Wallet makes it simpler by allowing the customer to transfer funds at his convenience from his drawing room, his car or even from his pool.” To use the UAE Exchange Wallet service, customers need to be registered gold card members of UAE Exchange and should have a GPRS or WAP enabled mobile phone that supports Java technology. They must then register at any UAE Exchange outlet - for free - and download the UAE Exchange Wallet Java applet. Once this is done, UAE Exchange Wallet can be used to conduct any number of user transactions, such as fund transfers and the generation and storage of transaction receipts. Customers can even view their transaction histories. Customers can transfer money by entering a secret PIN number, designating which account the funds should come from, and naming the recipient. Customers can then choose between two options – either send a cheque to the Indian sub-continent (Xpress Cheque), or send cash to any part of the world (Xpress Money). The order is then transmitted over the cell phone’s internet connection in seconds. All these services are currently free, except for transaction charges, but at present just two banks are participating - RAK Bank and Bank of Baroda. However, C-SAM is in talks to get more banks on-board. UAE Exchange will also soon introduce another new service, called Xpress Credit. This will allow customers to transfer funds to bank accounts anywhere in the world using UAE Exchange Wallet.

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