By: Delight Magadza
I have traveled a lot of countries together with my cousin and during our international travelling we could face a lot of challenges trying to convert our currency to the local currency of the country that we will be visiting. Although we strongly believe that people no longer travel with cash but with their visa or MasterCard, only a few countries in this world can accept international cards. In order to avoid the risk of being stranded in a foreign country people carry a lot of cash to supplement their debit cards.
Recently, I have participated in the BMO Harris Bank Shark Tank competition presenting an idea that I am in the process of putting into action. We are developing a Global Wallet Mobile Application and this Mobile Application serves a lot of purposes in Mobile Banking. Global Wallet is a term that we chose because we understand that people need a Wallet in form of an application which they can use in all borders of the world. With this application, people are able to make purchases in any store worldwide, convert the currency from their country of origin to the local currency for example say you are from United States and you travel to United Kingdom, our Global Wallet will enable you to see your currency in Pounds rather than Dollars. This will be a convenient innovation because it reduces the time spent going to the foreign exchange commission to convert your currency.
Our application might be similar to the current ApplePay which is a combination of Wells Fargo and Apple but we are trying to make sure that our application can be supported by all major mobile operating systems and all bank details can be used to log in our application. As we are moving in the internet of things, I have identified this idea as a move to sustainability as it limits the use of cash in many societies as people can use their own mobile phones to make the purchases. This is also a form of integrating the Global currency as people can be able to just check exchange rates using the Global Wallet.
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This experience with ApplePay is just reliable and efficient within the United States and it's only limited to Apple customers therefore I am trying to introduce the Global Wallet which will definitely be appreciated by everybody. I can always encourage my brothers to have an entrepreneurial mindset.
This will be a game changing innovation Mr. Delight. There are several limitations or constraints with the current currency converting applications. It is obvious that travelers have different devices and that there are very few applications that support all devices. This application will be well needed.
ReplyDeleteI love this! I remember having a discussion about a Global Wallet. Carrying cash is obsolete and credit cards are well on their way out of the door, too. I am looking forward to this experiences. It is so reliable and efficient! Game changing, Delight! Game changing! I'm glad you enjoyed the BMO Competition.
ReplyDeleteI think this would be great. I can see why something like this doesn't exist yet though. It seems like it would be difficult to get possibly hundreds of financial institutions from around the world to embrace this. I would also want to make sure the app gives me the most up to date exchange rates throughout my trip, as we all know exchange rates fluctuate, however slightly, throughout the day. Good luck Delight!
ReplyDeleteThank you all for your comments and well wishes. I know that the process of implementing it looks very complicated in our eyes but the solution is knowing the right people to talk with about our Mobile App, that is people with relevant skills on banking and mobile applications. It's going to be a tough process but we will be there.
ReplyDeleteI think this is a great idea! Congratulations again on the BMO competition. I think this product can be really utilized with a quantum computer. It would be easy to store data and make real time currency changes. Also I think this app will encourage more international travel. It will also be a great median to view the world's economy. I think this is very reasonable due to the thirst for convience and with the growth of technology.
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