The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

TRANSFER Solutions Providers, the Mango Card operator, is currently finalising its SMS payment application, a senior company executive yesterday telling Tribune Business the company expected to “really take off” when the product launches next month.

Speaking at the signing of a technical co-operation agreement with the Inter-American Development Bank (IDB) for the development of a ‘credit risk rating’ framework for micro-finance lending in the Bahamas, Harvey Morris, TSP’s chief financial officer, said the SMS platform will permit Mango customers to make secure payments via text messages from their cell phones.

He added that this would make a “big difference” for the Mango offering.

“Mango is currently finalising its development of an SMS payment application,” Mr Morris said.

“That application is going to allow consumers to pay utility bills and to do person-to-person transfers via SMS. We believe that is going to make a big difference for Mango.”

Mr Morris said $3.5 million had been invested in Mango over the past seven years, and added: “We have actually scaled the company back pending the launch of this service.

“A lot of clients said they wanted safety, convenience, which we are bringing in with the SMS payments, and they also wanted some sort of discount.

“We were toying with a loyalty card versus a discount card, but customers - because of their financial conditions - are saying that if they can get discounts that would be more beneficial to them at this point. Several merchants are very interested in doing that.”

According to Mr Morris, the launch of the SMS application is slated for June.

“That is when we expect to see Mango really taking off in the Bahamas. We are pretty confident that we have a good product, a very sound system, and we can really deliver the product our clients have been asking for,” said Mr Morris.

The Mango card has a customer base of 9,500, though not all of them are active.

“That is why we have developed this SMS payment of utility bills and discounts. They want a reason to use the Mango card,” said Mr Morris.

He revealed that the company is still “very much interested” in introducing its product to users of the public busing system.

“We are very much interested in that because that forms a part of the clientele we are looking to have. We want the person to be able to pay for their bus ride, buy their lunch, pay their utility bill and transfer money. We want to offer a total banking solution for a customer today who is currently using cash,” said Mr Morris.