Yesterday, Mauritius prime minister Hon. Pravind Jugnauth launched the nation's first national mobile payment solution. Based on the proven Tap & Go payment service in Hong Kong, Mauritius Telecom's my.t money is a mobile payment solution provided by PCCW Global, the international opening division of HKT, Hong Kong's premier telecommunications provider.
The payment solution helps to close the digital divide by facilitating both payment and non-payment transactions through a mobile application platform. Key elements of a cashless society can be integrated into the platform, including education, commerce and finance, transportation and government social welfare initiatives. In addition, the service has the ability to address the "unbanked" portion of the population with accessible financial services and applications that run on both modern and older phones and networks.
Based on the market proven Tap & Go, my.t money is built on PCCW Global's experience and expertise, which was available to Mauritius both prior to and during the development of the application. The solution itself is cloud-based with local hosting for sensitive consumer data. As for the payment engine, that can be localized or delivered internationally. The my.t money chip card is also compliant with the Europay Master and Visa (EMV) security standard and the solution design follows best practice security standards.
Speaking of his company’s vision in launching this service, Mr. Sherry Singh, chief executive officer of Mauritius Telecom, said, “In terms of vision and ambition, Mauritius Telecom is not just launching another service. We intend to positively disrupt the payments industry. my.t money seeks to make payment fast, simple and fun. 200,000 customers have already signed up and at launch we already have 1,000 merchants and more than 200 loyalty partners.”