frequently asked questions
1. Does the Fundamo solution threaten banks?

2. Does Fundamo conform to government laws and regulations?

3. What is the difference between mobile banking and mobile payments?

4. If it is easier to use smartcards than Fundamo, would that not make Fundamo redundant?

5. Is Fundamo different to chip-based wallets?

6. Would retailers have to replace all of their point-of-sale equipment to accept Fundamo?

1. Does the Fundamo solution threaten banks?

The Fundamo platform is a bank-friendly solution. It has been designed with banks in mind and will benefit banks because:

  • It enables banks to develop new products
  • It is a mechanism for banks to retain cash
  • It improves the risk profile for transacting consumers

2. Does Fundamo conform to government laws and regulations?

The Fundamo platform is a legal transacting mechanism. It conforms to banking regulations and supports central banks' vision for less cash and auditable payments.

3. What is the difference between mobile banking and mobile
payments?

Mobile banking usually provides a means to transfer money from one account to another. This is, however, not a payment system, because it lacks the following key elements:

  • Rules that govern the liability of parties to the payment process
  • Realtime, secure and trusted confirmation of a completed transaction
  • Security, especially including non-repudiation
  • The ability to reverse a payment

4. If it is easier to use smartcards than Fundamo, would that not make Fundamo redundant?

Smartcard payment platforms are different to mobile payments in the following way:

  • Smartcards require a smartcard-reader infrastructure, mobile does not
  • Smartcard-wallets are often unauditable (because of off-line usage scenarios), mobile payments are auditable
  • Smartcard payments can be less expensive than mobile payments
  • User experience with mobile payments can be made much more rich than Smartcards
  • It is obvious that both payment approaches can play a role and can actually complement each other.

5. Is Fundamo different to chip-based wallets?

Yes, Fundamo value is stored on a central server. This is much more banking industry friendly.

6. Would retailers have to replace all of their point-of-sale equipment to accept Fundamo?

This depends on the type of equipment that retailers have and whether they are online and/or debitcard ready. In some instances existing equipment will have to be replaced, others not.

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