Business: GK "dials M" for payments

GraceKennedy Money Services (GKMS) has, yet again, raised the technological bar, with the introduction of its new GK MPay, mobile money service solution. This service is delivered on an exclusive digital platform developed by Oberthur Technologies, a world leader in digital security.

“We spent a lot of time and money researching technology vendors and chose Oberthur because of their experience and high standards in security and designing fit for purpose solutions,” said Michelle Allen, CEO of GKMS.

The technology behind GK MPay is rated among the world’s top five. It is built on Oberthur’s basic mobile money wallet (peer-to-peer transfer, mobile phone top-ups and cash-in/cash-out), plus other features, soon to be introduced. “We have designed the wallet so that it is convenient for our customers,” Allen emphasised. “Even if you have a basic phone, you can use the wallet, simply by dialling *170#. And customers of both telecomm companies may use it.”

Instead of allowing top-ups from just one mobile network, users of GK MPay can purchase top-ups from either telecom provider. GKMS also increased the number of merchants and utility providers, to whom payments can be made, to include more than 40 service providers, facilitated by Bill Express, which is part of the GKMS network.

Another key differentiator is the ability to add funds to your mobile wallet from your online bank account. “We built in the capability of transferring funds online from your bank account to your mobile wallet. So you don’t have to go into an agent location to add money to your wallet,” Allen said.

Customers with bank accounts at First Global Bank, Scotiabank and National Commercial Bank may use their online bank accounts to send money to their GK MPay wallet with funds becoming available for use by the end of the next business day.

Michael McNaughton, Vice President of Business Development at GKMS, explained that GKMS and Oberthur have assessed GK MPay’s technology, putting it through rigid tests.

“GKMS handles a lot of financial transactions from all over the world.  Our own internal systems are best-in-class and have very stringent compliance and security features.” McNaughton said.

The security features offered by GK MPay are extensive. For example, users must input a PIN for every financial transaction. Each transaction triggers an SMS notification once there is a change in the user’s credit balance. Mobile app and USSD interfaces can only be enabled via an electronic activation process and the GK MPay wallet is restricted to one physical phone per customer at any point in time.

“If a user loses his or her phone, the account may be disabled and the balance transferred, once appropriate checks are done. All transactions are logged, and may be displayed via the mobile app, USSD menu, or via the customer self-care web portal,” McNaughton said.

-END-

About GraceKennedy Money Services

GraceKennedy Money Services (GKMS) is the umbrella brand for the services offered by FX Trader - The Foreign Exchange Place from GraceKennedy Money Services, Bill Express - The Bill Payment Place from GraceKennedy Money Services and Western Union - Moving Money for Better.  Some or all of these services may be found in Jamaica, Trinidad and Tobago, Guyana, Antigua and Barbuda, Anguilla, St. Kitts and Nevis, St. Vincent and the Grenadines, British Virgin Islands, Montserrat, the Cayman Islands and the Turks and Caicos.  For more information, visit www.gkmsonline.com

About GraceKennedy

GraceKennedy is one of the Caribbean's largest and most dynamic corporate entities. The company started in Jamaica in 1922 as a small trading establishment and wharf operators. It has expanded and diversified over the years, changing from a privately-owned enterprise to a public company with Food and Finance Divisions, listed on the stock exchanges of Jamaica, and Trinidad & Tobago. Today, the Group comprises a varied network of some 50 subsidiaries and associated companies located across the Caribbean, North and Central America the United Kingdom and Europe and Africa. GraceKennedy’s operations span the areas of food processing and distribution, banking and finance, insurance and remittance services, bill payment and a cambio service.