Hammer Technology Holdings, HMMR, recently announced that its flagship Fintech subsidiary, HammerPay, set to debut in Q4 2022, will launch a new mobile phone and web portal private digital e-wallet platform for market deployment in Africa.
Powered by HammerPay, the Remittance Service Deliver Platform (RSDP) with its private digital e-wallet service will help banks, wallet operators, telecoms, as well as merchants and agents get fast access to digital infrastructure with the Wallet-as-a Service delivery model. The digital e-wallet platform in its initial release, Release 1.0 will feature facilities and functionalities that provide for Cash-in and Cash-Out; Bank to Wallet and Wallet to Bank; Money Remittance; Request Money; Scan to Pay; as well as Merchants and Agents Geolocation services.
“We are partnering with a major financial services provider, one that we have built a strong, respected, and collaborative relationship with over the past 18 months in developing, integrating, testing, assuring, and customizing, our services and products. We are now bringing it all to market”, said Gerald Sherman, the company’s President and Chief Executive Officer. “As part of a mutually shared digital-first approach to deliver quantifiable outcomes to markets, we stand ready with our partners to deliver a range of innovative, expanding, reliable, and secured services – the kind of services that existing customers can take advantage of and benefit from; the kind of services that the underbanked and unbanked consumers can access as part of our larger ambition to drive and ensure financial inclusion across Africa. This is the kind of service that will leverage financial technology to improve people’s lives; and continue to connect diaspora capital to the continent; beginning in my own country, Liberia”, he added.
The launch of the private digital e-wallet and its customized App and web portal with its range of innovative services will offer the market a truly unique and enabling service. HammerPay through its Africa distribution partnership as built over the last 18 months will see the company gain a foothold in the continent’s rapidly growing Fintech space.
Michael Cothill, Executive Chairman of parent company Hammer Technology Holdings said, “this launch, scheduled for Q4 2022, allows us to expand the focus of the company’s investment resources into a more diversified technology strategy. As we coordinate joint public statements with our market partner over the next few weeks, our focus on partnering with financial services providers will show that we have taken the right path here; one that gives us access to markets and very solid relationships; one that will see us begin to enter countries in Africa, to serve customers under this diversified strategy and lay the groundwork for long term growth”, he stated.
The private digital e-wallet features dynamic color theming and a display of the active wallet real-time cash balance on a virtual card that appears in a top banner of the user front locked screen. Various tabs appears below that allows users to easily navigate the wallet services and functionalities. Accounting rows also appear further below to provide immediate, pending, and historical balances and report of transactions performed in the private digital e-wallet.
Utilizing the Remittance Service Deliver Platform – powered by HammerPay, the private digital e-wallet will be available on both Apple iOS and Android operating systems for mobile users through the Google Play and Apple – App stores respectively upon launch of the service. Consumers, merchants and agents will have these offerings in a digital e-wallet App available for download, enrollment, registration, personalization, and transaction of services. Consumers, merchants, and agents will also have the digital e-wallet available through a bespoke web portal.
In the future, as part of its successive release to address remittance, Release 1.1 of the private digital e-wallet will link bank ATM cards, debit, prepaid, and credit cards, as well as store merchant redemption virtual e-cards, for expandable wallet uses that will be extended to open and close-loop cross-border remittances. The release will incorporate merchant, agent, banking, and peer to peer transactions with regards to remittances. Release 1.1 will feature digital merchant e-card redemption; bill payments; web portal and digital e-wallet remittances, as well as e-commerce services.
The current release, Release 1.0, private digital e-Wallet, will begin rolling out on smartphones in Liberia, West Africa, with its scheduled launch for Q4 2022.