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Blackberry Mobility Featured Article

February 22, 2010

YellowPepper, Fundamo Together Bring YellowPepper Mony Service to Latin America

By Jayashree Adkoli, TMCnet Contributor

YellowPepper, a provider of mobile financial services in Latin America, announced that it has introduced a new comprehensive mobile financial service for the unbanked, called “YellowPepper Mony.” With this introduction, Latin American mobile phone users will now have access to mobile money services.

Developed in partnership with Fundamo, the YellowPepper Mony product allows financial institutions and corporate clients to deliver consumers with secure, convenient and easily accessible financial services, such as mobile money transfers, international remittances, mobile bill payments and pre-paid cell phone service. Fundamo (News - Alert) is a provider of mobile banking and payment software solution.
According to officials with YellowPepper, the YellowPepper Mony has the capability to connect banks, consumers and retailers through money transfers, bill payments, SMS notifications, and pay-as-you-go mobile transactions.
Offering an easily integrated, open and inclusive platform for mobile network operators, financial institutions, billers and retailers, the YellowPepper Mony service will target the 80 percent of Latin American residents who currently have a mobile phone and the vast numbers of consumers that are currently unbanked.
Rafael Russ, chief executive officer, YellowPepper, said in a press release, “Now, more than ever, mobile financial solutions are critical to Latin America. We chose to partner with Fundamo because it is the leading M-wallet solutions provider, with more deployments than any other organization in the world. Together, we are creating solutions for residents of Latin America that will improve their daily lives.”
“The launch of YellowPepper Mony represents the first deployment of a fundamental, transformational technology in Latin America, serving the unbanked population,” said Hannes Van Rensburg, CEO at Fundamo. “This launch also signifies the collaboration between two strong mobile financial services companies, striving to provide life-changing mobile financial products to the people of Latin America.”
The YellowPepper operates in Ecuador, Colombia, Bolivia, Guatemala, Peru, and Panama – as a service provider for over 50 financial and non-financial institutions, said officials.

Jayashree Adkoli is a contributing editor for TMCnet. To read more of Jayashree's articles, please visit her columnist page.

Edited by Erin Harrison

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