LFS recently launched HelloCash, which is a proprietary community based cash hailing application. HelloCash's cash management platform creates a peer-to-peer network between mobile money users (interoperable through aggregation) to allow them to manage their cash needs among themselves.
HelloCash is built with a focus on reusability of resources - reusing existing resources within the ecosystem by carfully integrating additional values to bridge and plug major gaps that exist. As a result, HelloCash becomes a plug-and-play model.
An effective cash management process is critical to the success of a wallet, balancing needs for physical and electronic cash is tricky as these needs vary based on the time of the month, transaction pattern (bill payment due dates, sending money to family during payout days, paying school fee, cash in and out etc.), seasonality, event, or festivity, therefore it becomes difficult for wallet providers to manage demand of cash in the market as & when needed. This imbalance leads to service denials and agents tend to limit themselves to high demand days as they find it challenging to leave their shops for converting cash (physical to electronic & vice versa) on daily basis. This situation results in large number of agents remaining dormant during a month which adversely impacts customer experience as customers find it more challenging to find an active and cash rich agent during off peak days.
How Does HelloCash Work? - This solution allows for users to create and broadcast a cash request. When creating a request, a user can specify a location for the transaction, the type of cash and the amount of cash with an option for scheduling the transaction at a later date or time. Once broadcasted, the request will reach the closest user (this can be an agent). In the case that a user accepts the request they must then travel to the suggested location and make the transaction.
HelloCash has a unique solution to address this fundamental issue, HelloCash creates a network of wallet users to manage their cash needs among themselves, this can be a customer-to-customer, customer-to-agent or agent-to-customer transaction where one customer can act as a requestor for any type of cash while other customer can become servicer having ability to fulfil this need. HelloCash creates a link between the two and facilitates this journey until servicer and requestor completes this transaction. HelloCash is designed taking Uber as inspiration, this helps to fast track customers learning curve as Uber is known and widely used in many communities. HelloCash works with financial institutions like banks, mobile money services, money transfer organizations etc helping them individually as well as working with financial switches, national payment gateways to offer these services as an aggregator. We can be integrated as a widget in an existing app or as a standalone app depending on your need.
