General Answers and Questions (FAQ)
Who and what is WEM?
WEM was developed to facilitate payments or receipt of payments utilizing common mobile phone or PDA devices, and it is a complete enterprise platform solution which provides the back end financial tools and service delivery mechanisms to make currency transactions possible locally and internationally by just using these devices.
What can the WEM platform do for you?
Send money from and to all over the world (P2P/B2B/P2B/B2P)
Receive currency from and to all other countries
Pay for purchases of products and services anywhere
Have cash on hand electronically
Receive or pay for salaries or wages to employees deployed abroad
Transfer money to others (P2P/B2B/P2B/B2P)
re-load your E-wallet account
How do these services work?
Through a turnkey technology platform and key agreements with financially entities, WEM has pioneered a system which utilizes mobile cellular service and transforms these into a powerful electronic paying method which works with your existing calling device based on established e-wallet electronic payment schemes.
What is an e-wallet?
It is an electronic system which can be reloaded a money account to pay for products or services and to make any payment transaction. Payments are being made until the credit is depleted, upon which it must be reloaded or topped off.
Who are WEM customers?
Anyone can use the WEM payment method to send or receive funds, through Telecom Operators, Network Operators, Wireless Service Providers, etc.
Do these services work in all the countries?
Yes, in all of those countries where telecom operators have signed WEM agreements
What equipment is required to use WEM services?
Most of the modern mobile telephones (GSM/GPRS/UMTS), or wVoIP handhelds will work with WEM.
Why use WEM?
Because, it is simply a: cheaper, faster and safer system of payment than other existing payment mechanisms.
How much does using WEM cost?
Prices are about 2% of the total international transaction operation, made plus a small flat fee for local operations. (See our price list)
When can you use these services?
24 hours a day, 7 days a week, 365 days a year.
Can you receive money from any country of the world?
Yes, as long as your telecom provider has an agreement with WEM. The list of such providers grows daily.
Is there a minimum amount to be sent?
For international transactions the minimum transaction amount is 20€, but for local transactions there is no minimum purchase or transfer amount.
What is the official currency received for international transactions?
In some cases the local currency and in others the remittent international currency is provided (See our price list)
Activating the service
How can you activate the e-wallet from your cell?
In order to activate the service it is necessary that the operator/distributor has the service in place in your country, this combined with your own identification documentation will allow you to transfer funds. Once the distributor has begun the process, you will need to introduce a secret code to activate the service when using it for the first time. Note: It´s a number you must remember, because WEM does not generate that secret code for you. If the secret code is not introduced in a limited period of time, the activation process will be cancelled.
How can you deactivate the e-wallet?
You must go to the same operator/distributor entity to finalize this procedure. Note: Please remember to previously withdraw the money from your E-wallet account or you will lose the residual funds from the balance.
Can you have your e-wallet linked to many telephone numbers?
No, an e-wallet can be activated and associated with only one telephone number at a time.
Are the secret codes from your e-wallet the same codes for your cell phone?
No, we do not recommend using the same codes to be safest. The first e-wallet code is generated by the system, but you have to introduce your personal secret code in the mobile phone to activate the service then you have the possibility to modify the secret code as many times as you desire. This secret code is never kept in your own cell so that´s why is so important to be remembered by the user. If you should happen to forget this secret code, however, it can be regenerated in the distributor shop.
How much does it cost?
To deactivate the account you pay nothing. It´s free. Furthermore, the service has no monthly maintenance fee if you do not use it, and no start-up fees either.
How can you use WEM platform to send money to other countries?
Once the network operator from the foreign country has an agreement with WEM the procedure works as follows:
From the WEM or the telecom operator website you will begin with the e-wallet reload process, linking your telephone number to the e-wallet service. Select the country and the telecom operator and introduce the telephone number where the money is going to be sent to.
You will obtain the total amount plus a marginal operation expense that will be charged to your credit or debit card. After accepting the operation you will have access to a safe server where your debit or credit card number must be introduced, thus like the card secret code and then you will validate the money transfer. Afterwards you will receive an email or an SMS as an electronic transaction ticket that must be kept. The money transfer receiver will have another SMS informing about all the transfer details made, thus like the e-wallet money balanced is topped off.
What is the maximum money amount that can be sent in an international transaction using e-wallet WEM system?
The international transaction limits made through electronic payment (debit or credit card) are governed under financial international laws. WEM establishes some additional restrictions to these amounts depending on the final destination depending if it is a financial enterprise or an end customer. (See restriction list)
Which are the organisms that are informed about those international transactions?
Due to international laws in place in order to curtail money laundering and the funding of terrorism, require that the national banks of countries of emission of funds and those countries that are the receipt of such funds be informed about the transactions.
Do you have to inform the receiver about the money sent?
It is optional. WEM platform notifies the receiver the transaction made with an SMS.
Is it obligatory to use the WEM system when receiving a international currency transactions?
No, but it is faster, cheaper and more convenient than existing mechanisms
How can you use the money from your e-wallet?
Once the service is activated, you will need to have a positive balance amount in your e-wallet account. This money may come from an international transaction or from a reload made in any shop associated to WEM. To make a local reload it is necessary to go to a distributor with the mobile cell and with the money in cash. Then you must order to transfer this cash to the e-wallet of your telephone number previously activated. You can also receive money from other e-wallet from other WEM system users, as in a cell phone to cell phone transaction.
How is this money received?
It is reflected by an increased balance in your e-wallet account.
How can you withdraw cash from your e-wallet?
You can withdraw cash from e-wallet account from local banks, telecom operators, shops or micro-financing institution end points associated to the WEM system. To make this operation possible, you just have to specify the amount of money you desire to withdraw and your telephone number. The seller will begin the operation requiring your authorization through your cell phone, where you would have receive it. Then the balance on your e-wallet will show the credit reduced by the amount of money withdrawn, plus a small fee for the transaction. Once both the user sending and the user receiving the funds have accepted this transaction, a SMS confirming and informing the operation made will be sent out to both parties. In person to person operations (with a friend for example) no fees will be charged to either party.
How can you pay products with your e-wallet?
Once at the financial entity and having verified the seller is a WEM system user instead of paying in cash you just have to transfer e-wallet money to e-wallet money. From the paying party´s telephone number or buyer to the telephone seller´s number, both people will receive an SMS instantaneously about the transaction made. Moreover, this service is available for making payments from a distance without being physically at the financial entity.
What does paying “from a distance without being in the shop” really mean?
You can pay for any product without being at the merchants location physically. For example, Mr X is heading to another city for a meeting and must stay for a night in a hotel. Mr. X is not a WEM user, besides he has not enough cash money to pay the hotel. Mr. X calls his boss in other city and tells him to pay that bill 200 Km away. Mr. X´s boss and the hotel receive the electronic ticket by SMS at the same time.
What can you do if you want to get a product back to the seller?
With your receipt given to you by the seller and your electronic (SMS) receipt in your mobile device you will return the product to the vendor and the seller will transfer your money back to your e-wallet account. The Transaction happens from his e-wallet to your e-wallet and both will receive a new SMS confirming the transaction.
How can you pay wages or household bills?
Paying for an electricity bill is easy. You just have to transfer the total amount of the bill from your e-wallet in your phone to the electricity company e-wallet number and you will receive your SMS confirming the payment made.
How can you transfer money to other people?
It works the same way as having cash at any shop but without the added fees.
Can you use your e-wallet as a prepaid air-time purchase?
No, you cannot use your e-wallet to directly make a long distance phone call, since it is just a money account attached to you telephone number. However, you can use it to buy prepaid airtime cards from the network operators.
Can you make air-time purchases to your telephone number from your own e-wallet?
Yes, you can do it directly. Just connect to your telecom operator and exchange the amount you want in your e-wallet converting it into voice calling minutes to be used.
How can salaries be paid with WEM?
The payment day you will receive an SMS informing you the increased balance amount of credit in your e-wallet account through your telephone number service provider.
What advantage do you have by using the WEM method?
Salaries are paid instantly and on time. It is not necessary to go somewhere else to cash or deposit neither a check nor suffering risks from loses due to robberies. You have the money in seconds.
What is the enterprise advantage of this method?
Simply stated, WEM is advantageous because it costs less, and has fewer risks, than ordinary methods of payments, and it is instantaneous to employees located in any part of the world.
Problems and Solutions
What happens if the international transfer is interrupted for an internet connection failure?
If you have not received the electronic ticket of the transaction (SMS-email) the transaction has not been made. You can also verify all transactions made by accessing to the website instantaneously.
What happens if during a local transaction your mobile gets out of coverage?
If you have not received the SMS confirming the transaction, the process has not been made.
How long can e-wallet money to be linked to a telephone number?
You can always have your money from your e-wallet as long as your telephone number is active. You must be careful with some telecom companies because if you don´t reload you voice account for some time they can cancel your telephone number. In this case you will not lose your money from your e-wallet; you can recover it by acquiring a new telephone number and linking it to your e-wallet account instead. So the telecom operator hasn´t got the capability to manage your e-wallet account.
What happens if your telephone device is lost or is stolen?
You must go to your telecom distributor and they will provide a new card with the same telephone number. This will not affect your e-wallet linked previously.
What happens if you want to change your telephone number?
If the number belongs to the same telecom operator you just have to transfer your e-wallet to your brand new telephone number. You can do this in your distributor shop.
Is there any difference between a prepayment number and a post-payment number to use WEM service?
Can you send money to many people at the same time?
No, money is sent from one user to other user.
Can you get your electronic tickets if you lose your mobile cell or your mobile memory card is erased?
Yes, there is an interface in the web where you can access to all your information and transactions made since your e-wallet was activated.
International Transfer's: (P2P/B2B/P2B/B2P):
1- It is necessary to have a debit or credit card available
- How can you get a debit or credit card?
- If you have a bank account you can ask for it in your bank office
- If you don´t have a bank account you can use other people´s card (family or friend).
2- An internet connection
It is necessary to be subscribed to the service through the website to get an account active and to make and check all the operations. This web account is exclusive for international transfers. To use the e-wallet via website, the accessing codes are different from those of your mobile device.
Once subscribed to the system as a user, you will have codes to access to your account. These codes must be memorized or kept in a safe place. In the case of a loss you will have a system available to recover them.
Accessing your account is easy, and it lets you check the transfers made, you do not have access to know how the money was spent.
Any internet connection is needed, it doesn’t matter if it is a private or public connection. It doesn´t affect to the system if you use a PC or a mobile device. The mobile device must accept encrypted sessions.
- What is an encrypted session?
3- The money receiver must have a telephone to finilize the process
4- You must specify the country destination, the telecom operator (that must be associated to WEM platform) and the personal or enterprise telephone number to send the money transfer to, and obviously the receiver must have the e-wallet service previously activated.
For local use
1- It is necessary to have a mobile cell associated to WEM account
2- Activation of the e-wallet service.