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pinions expressed on the show do not constitute financial advice please consult a licensed financial advisor before making any investment decisions are you ready to replace your wallet and purse with your cell phone if you need to see how it's done we're here at UTech where students and merchants will showcase how they use the connect mobile wallet in their day-to-day financial transactions welcome to financially focused I'm your host Denise Williams financial services companies are coming together to provide you a mobile wallet from your cell phone the idea is that stored value account allow you to score cash safely top up your mobile phone pay bills send person to person transfer just like remittances and pay for goods and services and even receive international remittances directly onto your cell phone and you can do this all without leaving your home bottom line you do not need a bank account and this is important revolution in the financial services as a recent survey by the mones School of Business shows that thirty-four percent of the adult population in Jamaica do not have a bank account and therefore cash or non-bank payment outlets tend to charge a lot in fees and so here comes connect mobile wallet that charges at least seventy percent less to do transfers and pay bills than any other non-bank option all of this adds up to opportunities for you to profit with this new platform and so in this special episode of financially focused not only will students in merchants share their stories but the executives of connect mobile wallet will share their in-depth views on the mobile money movement in Jamaica stay tuned one of the things about technology is that young persons are always early adopters so we're here with a group from you tick and we're going to talk about what it means to them and how they're using connect mobile wallet as the technology of choice right here right now in Jamaica to pay bills to do transaction welcome everyone talk to us about connect mobile wallet and really how does that translate entrepreneurship with young people one of the things that we try to have our students focus on a lot is entrepreneurship you know they they alternative to find in a typical w love study for university or even to along with so believe that connect because of how the features pay bills getting money transferring money and especially the students I told topping up cell phone it's a big thing I do think that connect mobile wallet is now in an error that it will definitely sustain what the young market is looking for how do you see using a mobile was connected in particular how does that make sense to you as early adopters in this time and age time is money time is your most well commodity we seem to have less and less of it with this you can save a lot of time that's why we're students we want more time to do do things like develop ourselves some people mark frd more time studying so instead of going to bike western event is that not really long line to collect some money from my parents you can just follow them to send into cunning so how does career places how do you help these young people adopt the technology and get the control to make the technology work for them well if we do teach apart from that in the classroom setting and their financial courses that are done a part of a workshop that we have here employment and former workshop its financial management managing your money your resources and it is one of the things that students will have 10 graduates will have to mature it into you know to understand that not because you have it mean more spending you know and especially if you're trying to be an entrepreneur or even so survive in the world of work you're going to have to plan financially and we're trying to give students those opportunities to learn out of classroom experiences managing your money Connect is just another means of making it easier yes in some regard but the most we can do is try to say guess what guys you have to know how to manage resources but plan properly you guys as early adopters live on Facebook Twitter Linkedin everything is done online um don't you feel disconnected from your your money I mean maybe that's what older people that myself might feel that you know we've lost control of our money how do you feel about that but I don't think the same of losing control because connect mobile wallet it actually shows that you you have a tracking of your money system so for example you asked me what hope you know that you're not going to spend off five thousand dollars in a day but you have to have some from a financial management where you actually see well today I spent two hundred dollars on credit you actually see where you probably spent three hundred dollars and groceries so it's a matter of not necessarily having a bank statement in hand as you're saying but you can still track your money online I to so to add it up so the month and if your pay is a six two thousand you can still stick though and i see when i budgeted this and this is what I spent so it's just moving in a transition phase it's not losing it completely because you see it online how you spend it home you need to spend less or Pelini to spend more but as head of career placement what are you seeing is a trend in terms of the jobs out there and we're entrepreneurial minded students are going well the jobs out there are ever-changing in other ways but right now and if we were to look at the trend in further 10 5 to 10 years probably there are certain things that will always be and definitely the IT field is growing and as potential connect you'll understand where we're headed you know engineering the business sector will always be there strong I think they're all the defense for every every field what I will say this that one thing that people are trying to realize that for career you thinking something long term it's your entrepreneurship is the option for most people as a matter of fact it is the only option for some people I think the challenges in the I mean has forged a lot of persons to consider that option who in time would not have thought that maybe they have gone to business on their own so I really think that what you think is doing is preparing the mind of young people to understand that there are other ways of earning you know and there are other ways of becoming a strong person in society add in two Jamaica's economy and that is to entrepreneurship so far connect mobile wallet has has Shirley's initiative and not only are they investing in the current Hoffman club here at UTech but one thing that we have seen it is that they are helping to prepare the minder for your purses by providing opportunities for them job opportunities value to gain experience in common passes they are taking them and they're gonna be training them I understand of the world of work in terms of marketing sales entrepreneurship and yes mobile connect will will you know there will be agents in some ways to assist but at the same time their build experiences that bill in their resumes but I only leave the school with an education but when they build a resume there was a guess what I have some experience I promised I was taught this outside of our regular program planning is also the Minotaur students what difference do you think a service like this makes to the Jamaican financial sector another main thing I would say is this it I have a company let's think about all our utility companies are out there and if there are sure that an entity like this will assist them in ensuring that person's pay their bills because one of the things that you have to do is that we are so busy and we're becomes our international and we all have so many things that we're doing every single day that sometimes the 925 and trying to catch a bank or an agent to pay a bill doesn't happen but if they know that there's this agent there that person's can stay in their bedroom at twelve o'clock and pay their bills then I'm sure that everyone will be happy because that's what the company we paid and then the customers will not be charged extra the lady payments and so but I really think that everyone would benefit from something like this companies and the customer and so we have young people giving their perspective on how technology and adopting this technology will improve their lives and really create career paths that could be the traditional nine to five or entrepreneurship stay tuned we continue our look at the impact of connect mobile wallet I use connect to do that by credit and see like normally when school are places Clues on in the night I don't know where to go and I met up emergency I like seriously one credit so then connect can literally let me go on my phone cause you take off Wi-Fi and i can buy credit you know and that makes sense because they're sometimes like it a night when you need to get service yeah I get somewhere exciting exactly Wi-Fi not work in a just need to top up to get some service yeah and my mother always say my goodbyes credit fiercest if no luck walking to go to the gas station every means i can just go into my food and sit her the credit just like nuts and it's cheap same price as much cheaper and it's very convenient for like I'm from the country so like my mother when she wants to send me money why she has to be sent to the mobile wallet and I can receive it while i'm on campus i don't have to go to a bank or eating the cottage but jordan money or anything that it's very convenient for me they also good must saline in the country and season and you need to come to school to pay some transaction patacones we have the mobile all you can just send everyone from area to leave your home take our boss or to just come to school to face or money I mean my dad I'd only place a lollipop campus and I friends right so matter has to send me money and so the typical with traditional ways that he will send it so that you will go to the bank and so I'd have to use my card was little banter all my money and take it tomorrow landlord but with honey I he uses connect send the money to me to my food and typically added I don't have to worry about if anything I just after I want to worry about going to the ATM persons watching me and as in its feeling not secure with connect everything you secure so I can just get the money streets my food and introducing connect to my landlord I can just transfer money from my phone to their stay too my father taught me the value of proper grooming now I'm teaching my certainly important for feeling good about yourself totally man makes me feel special after in shape really makes a difference totally male provide the ultimate in relaxation relaxation that's second to none first-class treatment three generations and join exceptional service totally male 1 brompton road call 9462 454 mikey is what sweet use of their bibs yes I get it Anika party tonight hi see you secure your future yet careless did you know not over time the stock market has provided a reliably high return on investments be sure to contact a licensed are open for more information on this exciting investment opportunity taking care of business Mikey yeah Cathy I securing my future want to come look over my stock portfolio but the Jamaica Stock Exchange providing a very efficient and transparent stock market take a unique journey to health and vitality at Eden Gardens wellness resort and spa in Kingston Jamaica we invite you to escape the routine and stress of daily life visit Eden Gardens wellness calm hi it's a we see a little from internet income Jamaica calm and I want to invite you to our next classes we have a class coming up on freelancing how to make money working from home as a freelancer we have a great class called blogging for profit how to make money as a blogger we have a class on website building so you can create your own website and we've got classes on social media management so go to internet income Jamaica doc tom check out our class schedule and register today thanks for staying with us and as we continue to look at the mobile wallet concept we move from the users which we saw at UTech to the architects behind the system and our first interview is with Heston haughton feel of Connect welcome stuff thank you great thirty-four percent of Jamaicans remain on that that's right and so mr. Hart is really going to take us through the idea how the credit union league thought technology would be the way to really promote financial inclusion so the foundations are the fundamentals are on the credit union movement remain the same which is to facilitate just about every Jamaican the fact is that as you mentioned still around 30 plus percent of our population is unbound but more surprisingly is that closer to our most center Center for population is regarded as under bound which means which means that that they have very little relationship with a financial a traditional financial organization so therefore they may have a bank account but they either use it primarily to just get a salary and they pull your money out immediately or do one or two transactions from dr. koan so we still have a very strong group of our population around the bank now listen to the lady who lives down in Riversdale the closest point from riversdale is Bob Walker Licavoli it is 630 always relying on remittances our livelihood two parables and to eat food she have to leave riversdale which is to taxi of the bog walk walking to remittance agent get this hoard of cash yes expose ourselves to whatever then she walks aronan in the community of agua to pay our bills a light bill or water bill her phone will go to the supermarket etc etc we connect I could be at my home in Reverse here I know I get a notification that I have remittance and I basically go pull down my remittance to my wallet right there in Reverse deal I can pay my bill we don't live in my home I'm not exposing myself to the cash pay all my bills taco Co ever on the top of here all money etc and if I need some cash I can go to the corner shop and say listen I'd like to take two thousand dollars cash of my wallet this is how we make the whole connect ecosystems coming connecting it right connect to everyone yeah but what I love immediately I see the fact that when she has to go to the corner store she made by agreeing at the corner store so by being your plan and the corner store also helps to grow their to click on exactly and the corner store is also connected yeah right so the corner store is connected she's connected the entire communities connected because we're doing business with each other instead of me having to be sending you two thousand dollars and you sending me fritos nuts and remove in cash our own right we need all the IRA wallet the good thing about the solution is that every single transaction you maintain a trade on your phone and you have access to that tree is forever right so i have cash reasons I load my wallet once a month and predominantly I load my wallet to pay I top up my girls for every phone the phones because you know kids you know they want to get phone credit so I taught them up I need to pay my help oh yeah so I add my office I'm paying my head but I just transferred money to her phone right if I have somebody I need to pee in Montego Bay right recently we had a colleague of hoes who needed to send twenty thousand dollars to Montego Bay and she paid almost a thousand dollars for example to send 20,000 now we connect if you are in Montego Bay our child in University and it will text you to say listen I need some money to buy a book right you're at your office you could basically pick up your phone and send that money straight to that chat how much would the fear well one hundred and twenty dollars there is an opportunity for jamaican you know papers new face of the credit union so share that opportunity well every single American deserves financial services are access to financial services to do simple basic financial services with open birth and the costs associated today the fact is our economy by virtue of this coin structure it costs us just too much to do transaction because when you look at somebody the traditional man who runs a taxi he is predominantly collected cash he's exposing himself by havi
g that cash on him then for him to get rid of that guy she's hoarding that cash if he doesn't have a bank account is storing it under some place until he uses it to buy something etc if he needs to pay a bill it causes him to get out of his his normal day-to-day to or somewhere he's not gonna be taking passengers he's exactly so that is a cost for into the transaction so with this particular solution you're now in point that man to have a technically an account yes for which he can leverage yes you can start to see patterns of who is using that account you know create an opportunity for him to get credit slide so hold on you're saying I take the pattern of behavior from my connect account that's correct and I take it to my credit union and they can say based on this spending pattern you qualify for X level exactly in this particular space we can start to see how he uses it and he doesn't remember doesn't having an obviously we want to transition him eventually later on by virtue of its wealth creation he may want to establish a credit union account right but he doesn't have to ready doesn't have to and you may later on want to establish a bank account and these are things we encourage because this is how people evolve and grow so you're saying the spending pattern on the cell phone and are letting the laptops you take it to the bank you put our the credit union and you can say qualify based on your pet may be enough money to buy a second vehicle a second taxi to put on the roll so so he earns more so I put it in context for you today right credit union has always been facilitator for credit in the simplest way like we will offer credit without a traditional collateral that would be required in the commercial space and that's why I crazy even as always been there a lot of people started through the space because when for example i left school who know me and I'm not working I have no assets but I need to get an education it was a crazy unit who took a chance right who saw that ok the seance that he needs to get credit and they would have loaned me the first money right to go to school and because why because I have a safe as i commandeer my mother alice is a call here and they see that ok this man is a particular movement we're hoping that through this it will create the same viral effect and by empowering our people as i said before it will create wealth in the community and the economy and us here or company who will benefit because we'll see more transactions all right we'll see more people holding account mostly more credit in the space and of course economy will grow thank you very much thank you thank you appreciate all right we take a commercial break stay tuned we'll be back my father taught me the value of property room in now I'm teaching my son important for feeling good about himself autonomy makes me feel special a clean shape really makes a difference total mail provide the ultimate in relaxation relaxation at second to none first-class treatment three generations and join exceptional service totally male 1 brompton road call 946 245 for mikey is what sweet you saw their bids yes I get it chanukah party tonight high tea you secure your future yet careless did you know that over time the stock market has provided a reliably high return on investments be sure to contact a licensed are open for more information on this exciting investment opportunity taking care of business nike yeah Kathy I securing my future want to go look over my stock portfolio but the Jamaica Stock Exchange providing a very efficient and transparent stock market hi it's alycia little from internet income Jamaica calm and I want to invite you to our next classes we have a class coming up on freelancing how to make money working from home as a freelancer we have a great class called blogging for profit how to make money as a blogger we have a class on website building so you can create your own website and we've got classes on social media management so go to internet income Jamaica Dom check out our class schedule and register today take a unique journey to health and vitality at Eden Gardens wellness resort and spa in Kingston Jamaica we invite you to escape the routine and stress of daily life visit Eden Gardens wellness com welcome back we're going to learn in this segment about the technology that drives mobile wallet with us is Kevin Hewitt CEO of mazeda Jamaica a technology service provider with a specific focus to the financial services industry and Mozilla Jamaica is the partner connect mobile wallet and mr. Hewitt is really going to take us through what that means what that partnership means and how you the Jamaican consumer benefits welcome mr. Hewitt all right thank you very much here's the thing a lot of people are afraid to bank online because they don't trust the internet now we're moving from just your laptop to your cell phone so if I was concerned about my laptop I'm even more concerned about my mobile phone tell me about how the security features and how my information is going to be kept safe because I'm worried that somebody just takes my phone and takes my money in building out this infrastructure security is one is a primary concern it is for us initial before for all our clients as well certainly JC swell to kind insured stringent requirements of the local regulators and infrastructure or met we like to think of our company as a global company with a localized presence so we started a journey with JC swell and we looked at all the requirements of the company regulatory requirements plus water requirements installed built into the product here's the reason why we did not go with certain infrastructure that power its mobile banking or mobile money elsewhere SMS of your barrier comfortable with us SD that is you know you're signing the credit you or credit me Lyceus SD technology email like with the cell phone with a cell phone credit right we steered away from that because that those methodology of transacting is not secure right so we we choose a part of data right and all the transmission of data coming from your device tour platforms are secure so that means i have to have internet on my phone a data enabled phone sony okay right so it doesn't mean a chance of a smartphone it just me that you need data access and most of the phones now are coming internet enabled now to walk you through the the technology and security element that is entrenched in the technology we look at what we call is a three-factor security system first we look at infrastructure and that's a macedo infrastructure without giving away trade secrets right or infrastructure separates internet connectivity from or virus or the host systems so the information is delivered to that front facing server or set of servers and the behind that no internet can touch those other servers so you're saying basically i have my internet enabled phone rune and then i log on to a mozilla platform right and that block sold any other internet process is secure from your phone yes to where it touches or server okay and between or environment we have various protocol right two divas you killed yeah so again we break it down to basically saying once I put name of my password yes I am in a secure platform absolutely and if you're sitting beside me you can't just get access to my information absol because we're both on the Internet absolutely not absolutely not the other aspect of security is if you lose your phone yes all you very important that's all you do so where's the information the information is toward securely right on i know i'm going to say in the cloud and people say oh in the cloud you talk about it the best way to define crowd if you think about your outlook or your yahoo email account or your google for those persons that have an iphone iCloud these are all cloud services it's really just a set of secure service and elsewhere right all right Tesla Motors is remote okay so that means my phone is gone but my information is secure absolutely and I just get a new phone and get my security information on the phone and I'm good to go absolutely as a matter of fact it is so easy to it I mean you don't lose accessibility to your account any point in times of your phone is stolen yeah so you would take the necessary procedures to report yet I used to use your phone stolen your service provider but you can log on using your phone yes your friends phone a laptop okay a tablet any internet-enabled right guys you can access your account so you're never ever ever lose access to your money all right so thank you very much for the another program and and that was the executive interview segment and this segment of the program we're going to talk to charmaine bryan oh bryan bookstore one of the merchants that accepts connect mobile wallet for the students here at UTech we're going to get her perspective on how connect helps to grow her business as a merchant how much did it cost you to sign up for a quick absolutely nothing what was the deciding factor that allowed you to come on board the the mobile wallet platform well we see it as a very great opportunity to do business in a cashless well more cashless sea environment we believe that it's going to really revolutionize how we handle cash the cost of it the just our customers our staff members I think we'll be more comfortable not having to handle larger quantities of cash so we really are excited about it so how do you get of the actual money from me the student okay the money will be transferred to our connect store value account immediately that we access that money from the custom of the student whoever it is that is using their mobile wallet one of the things that's pushing the whole cashless idea at many institutions you take me in one of them is security what's as emerging you already have a cash register you have security guy you know why do you need another level of security in today's world financial security is never too much we think it's a very great idea because then our customers or staff members and we ourselves would not have to monitor and handle that cash on a daily basis the funds will be seamlessly transferred to our connect account and what would you say to other merchants I would say come on board right now immediately it's it's a win-win situation I think more people more customers will be coming to us as merchants to actually use their mobile wallet so it would really benefit everyone to get on board from market vendors taxi drivers students and just about anyone in Jamaica can use a mobile wallet to manage their business store cash and even purchase goods from their suppliers using their wallets rather than having to deposit large sums of cash at the end of the day into a bank account mobile money can be considered safer and cheaper than handling actual cash and connect mobile wallet is leading the way I'm Denise Williams your host thank you for watching and we want to hear from you send us an email at financially focused TV @ gmail.com or reach us on social media as financially focused / facebook com and we look forward to seeing you next week on financially focused sans we focus is brought to you by iconic mobile one freedom in your hands even gardens welding resort & spa rock house a makeup studio pal social media at the jamaica fiction
