Hammer Technology Holdings has 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.
With the Wallet-as-a-Service delivery model, the Remittance Service Deliver Platform (RSDP), which is powered by HammerPay, will assist banks, wallet operators, telcos, as well as merchants and agents, in quickly gaining access to digital infrastructure.
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.
Gerald Sherman, the company’s President, and Chief Executive Officer commented, “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.”
He added, “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.”
A completely unique and enabling service will be provided to the market with the introduction of the private digital e-wallet and its customized App and an online portal with a range of innovative features. HammerPay will acquire a footing in the fast-expanding Fintech sector on the continent thanks to its distribution collaboration with Africa that was developed over the past 18 months.
Michael Cothill, Executive Chairman of parent company Hammer Technology Holdings also 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.”
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, in the future as part of its subsequent release to address remittance. This will allow for expandable wallet uses that will be extended to open and close-loop cross-border remittances.
The release will also 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, a web portal, and digital e-wallet remittances, as well as e-commerce services.
The current release, Release 1.0, a private digital e-Wallet, will begin rolling out on smartphones in Liberia, West Africa, with its scheduled launch for Q4 2022.